How do you prepare for a recession? Back in 2018, the FCA and Bank of England Prudential Regulation Authority started developing what would become the Statement of Policy on Operational Resilience to ensure the ability of the UK financial system to “prevent, adapt, respond to, recover and learn from operational disruptions”.
Notably, this regulation had started taking place before the disruption brought by Covid-19. Although, the global pandemic cemented a reason – if one was needed - for companies to invest in their resiliency to protect themselves, their consumers, and the financial system.
In 2022, as the world’s economies stand on the precipice of potential recession, there is no better time than the present to make your business resilient.
Resiliency is more than just a word. It is about taking a more holistic perspective on behaviors, processes, and technologies within a business. It is about improving four key aspects of your organization: clarity, agility, reliability, and simplicity. In this four-part blog series, we’ll look at each of these points.
Let’s start with the first one: Clarity.
Clarity is about setting the foundation. It’s about knowing what you have now – in terms of resources, processes, technologies - and where you want the business to go in the future. Lack of clarity can lead to delayed decisions and costly mistakes. The more clarity and visibility decision-makers have over their business operations, the better the quality of decision making and overall business performance is as a result.
Clarity is also a key component of a business’s digital transformation journey. Clarity helps you define what the project roadmap should look like, which technologies should be upgraded, and what needs to be introduced to support digital transformation. Clarity can help businesses understand how these elements fit together within the enterprise to accelerate the next phase of innovation. This is best achieved by knowing what processes need to be optimized.
To improve your future, you need to have a clear understanding of your current state. Enterprise Architecture can provide this comprehensive picture of the business, and help manage and assess assets to ensure a healthy business. Enterprise Architects are the bridge that we need between IT and the business to provide clarity so that all departments work towards a common objective.
Discover how to drive operational resiliency whilst delivering competitive products and services here.