BUSINESS RESILIENCE REIMAGINED: 4 LESSONS FROM DRJ FALL WORLD
Business Resilience Enthusiasts Unite
We’re writing live from the 2018 DRJ Fall World conference! Every year the best and brightest of the business continuity industry gather to share business resilience secrets, connect over common frustrations, and melt in the Phoenix heat.
We’re a proud sponsor of DRJ Fall World and, just a day into the conference, are having so much fun at our booth and at sessions.
The theme of this year’s event is “Reimagining Business Resiliency.” We went to one of the first breakout sessions on the theme and wanted to share what we learned on the blog.
Dan Bailey from Legacy Texas Bank spoke on the first full day of the conference, Monday, September 24th, about Operational Risk Management and business resilience in a constantly reimagined modern world.
Couldn’t make it this year? Went to a different breakout session? Want to know what business continuity nerds talk about they are all together? We have four of the great takeaways from Bailey’s talk and the audience discussion inspired by the presentation.
1. Risk Management has Changed and Will Change
Bailey began his talk by picking up his smartphone, showing it to the audience, and explaining that this tiny device has more processing power than they had in an entire computer room in the mid-eighties at a data center.
This is to say that a lot has changed in the last 30 years and a lot more will change in the coming years as technology, culture, and institutions evolve.
As the world changes, the risks we have to plan for broaden and intensify. And, of course, we are all taking risks.
Bailey asked the audience, “Is there anybody here that is a part of an organization that isn’t taking any risks?” The crowd heartily laughed . #businesscontinuityjokes
2. Industries Care More but Not Enough
Many industries, like banking and healthcare, are heavily regulated to have and test business continuity plans. Bailey argues there’s a growing number of industries with a close eye on risk and continuity of operations.
This is especially true with publically traded companies that, according to an audience poll, often have board-level risk committees. This increasing the focus on continuity programs.
Despite this increased attention, there’s still an industry-wide conversation on the best ways to communicate and convince leadership of investing in continuity programs.
One audience member asked:
“How do you educate your parent company?”
Particularly when an organization is international, communicating risk is difficult because cultural understandings of risk, ownership, business, and litigation greatly differ around the world.
3. Business Continuity is Assimilating into a Larger Organizational Risk Program
Bailey spent the most time discussing the assimilation of various business duties under the umbrellas of Enterprise Risk Management and Organizational Risk Management.
In many organizations, roles including vendor management, compliance, project management, privacy, audit, asset management, contracts, health and safety, and facilities, are assimilating under risk management.
For business continuity professionals, this means a widening scope of responsibilities and control.
4. With Control Comes Opportunity
Bailey sees this widening role of risk as largely a good thing.
It helps establish the need for risk management programs, allows for a more flexible budget and bolsters risk perspective and controls in new areas of the organization.
The incorporation of business continuity in larger Organizational Risk Management programs can also be beneficial for individuals. This broader scope of responsibility creates exposure to new knowledge, broadens thought processes, and offers chances for new career development and certifications.
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