Organizational Resilience…… simply put, this is the ability of an organization to absorb and adapt in a changing environment.
We live in a fast changing world: from political instability to changing consumers preferences (and now COVID-19!).
Resilience is key to business sustainability and vital for any business wanting to thrive in an ever-changing world. This has now become a leading strategic imperative for all businesses in today’s dynamic and interconnected world.
ISO’s 22316:2017 standard on Organizational Resilience outlines principles and attributes that organizations can adopt in an attempt to future-proofing business operations.
Organizations should develop a coordinated approach that provides:
— a mandate to ensure its leaders and top management are committed to enhance organizational resilience;
— adequate resources needed to enhance the organization’s resilience;
— appropriate governance structures to achieve the effective coordination of organizational resilience activities;
— mechanisms to ensure investments in resilience activities are appropriate to the organization’s internal and external context;
— systems that support the effective implementation of organizational resilience activities;
— arrangements to evaluate and enhance resilience in support of organizational requirements;
— effective communications to improve understanding and decision making
ISO 22316:2017 Clause 4.2
In summary, businesses (regardless of size/nature) should consider:
- Being adaptive and responsive to change,
- Building appropriate governance systems to ensure accountability in line with corporate visions and values.
- Stress testing (as applicable) operational resilience plans and procedures.
We are all in this together, and we’d come out strong!