Many executives ask themselves: “I know the basics about critical processes and mission-critical systems but what can I do to really make a difference in our ability to consistently exceed our customer’s expectations?”
One way is to focus on increasing your business value and to sustain that value regardless of expected or unexpected circumstances. Below are 10 planning actions that you can take to support your mission critical value proposition.
10. Don’t be satisfied with a computer backup plan. When your clients ask what’s the #1 reason they should use your company, do you say it’s your technology? Probably not. Why are you relying on technology to save you in a disaster?
9. Ask questions. What are your employees doing in their personal lives for emergency readiness? What are their concerns? How can you help them?
8. Talk about operational risk and continuity management in business strategy meetings. Talking is the first step to integrating it into the corporate culture.
7. Don’t count on vendors to pick up your slack in an emergency. If it’s not written into your contract don’t put it in your plan. Even then, always have a backup plan.
6. Know when to say there’s a problem. Chances are you’re not going to be the one to first notice something is wrong. If you are ignoring business deficiencies, others are too.
5. Know your emergency response plan. Every natural hazard has a professional group that monitors it and knows how to respond. The response plans are usually free online. Get a good plan for the basic natural disasters in your area. Keep it simple and your bases covered.
4. Don’t focus on the fear. It’s easy to look at the unlimited disaster scenarios and get overwhelmed. Instead look at what’s really important – a strong business plan.
3. Make a list of what is really important to your business. Keep it short – not more than ten points (tops!). Share it with everyone – your boss, your employees, your clients, your partners.
2. Build relationships with three key responders. This could be your local police department or a critical vendor. The point is being on a first name basis with the person who has the answers you’re going to need during your emergency.
1. Create a solid employee communications plan and test it quarterly or more often. People are your greatest asset; know how to connect with them. Set standards and make them clear.
Still unsure or need help developing a road map to make your path simple? We’re here for you. Call now for a free consultation. 888-297-PLAN
Operational risk has eclipsed credit risk as national banks’ chief safety and soundness challenge, Comptroller of Currency Thomas Curry told the Exchequer Club in Washington, D.C., last week.
Operational risk – the risk of loss due to failures of people, processes, systems and external events – is “high and increasing,” Curry said. He cited flawed risk models, lack of adequate controls over third party vendors and anti-money laundering efficiencies as some examples of operational risk.
“[A]s banks and thrifts face greater resource constraints and higher compliance costs, they may feel greater pressure to economize on systems and processes in order to enhance their income and operating economies …,” Curry said. “All institutions … must resist the temptation to under-invest in the systems and controls they need to prevent greater risk and larger losses in the future.”
He emphasized the risk of operational failure is embedded in every activity and product – from a bank’s processing, accounting and information systems to the implementation of its credit risk management procedures.
“No issues look larger today than operational risk in all its dimensions, the manner in which all risks interact, and the importance of managing those risks in an integrated fashion across the entire enterprise,” Curry said. “These themes are a supervisory priority for us at the OCC today and they should similarly command the attention of the industry.”
reprinted from the Oklahoma Bankers Association Weekly Update, May 21, 2012