The Business Continuity Institute has launched the BCI Continuity & Resilience Report which seeks to explores the depth of business continuity and resilience across organizations. Commercial sponsor Riskonnect contributed towards this report that seeks to provide an in-depth review from research and survey across the sector.
The statistics this year show a continuation of the ‘definition confusion’ highlighted in last year’s report, where half of organizations have yet to internally define, or even understand, the differences between business continuity and resilience.
Incoming operational resilience regulation has helped financial services organizations to better understand how operational resilience and business continuity can work together to ensure organizational resilience, but differences in definitions between sectors are broad. However, definition confusion is failing to cause a barrier to building resilient practices as most organizations are integrating resilient processes as common practice, and one in four now has dedicated resilience teams. This shows a growing commitment to resilience as a function.
Furthermore, three-quarters of respondents report that responsibility for resilience lies with the C-suite, as per good practice. This demonstrates a growing understanding of the importance of embedding resilience across all tiers of an organization. In some cases (6.8%), this means a shared responsibility among C-suite members, while the majority say that either the chief executive officer (26.5%), chief operations officer (12.9%), or chief risk officer (12.9%) holds the ultimate accountability.
The report can be downloaded here https://www.thebci.org/news/management-sees-business-continuity-as-vital-for-organizational-resilience.html
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