Digital Operations & Resilience – It should be a highway, not an obstacle course
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31st, Mar 2020
The way we need to adapt in order to operate given changing conditions is not entirely predictable but the identification and forecasting of likely risks and their management can be.
As in all highways, guardrails need to be in place. The distance between points in the journey should be calculated, understood and possible adjustments made predicable, through signs and signals. Our dashboards have to give us the necessary information to analyze, based upon sense data, to proactively prevent incidents and provide the capability to respond when major incidents escalate to crisis situations. We are on the road at this point. It should be a highway, not an obstacle course.
You could also say at this point there is no looking back.
- The Enterprise vehicles that we are driving forward depend on global supply chain and aggregated third-party risk, and a built-in dashboard that provides intelligent automation; yes and many aspects of that vehicle are helping drive itself.
- Our advanced dependence on technology and data, at this point, can make us vulnerable to cyber-attacks, data breaches, poor data governance, and ineffective systems and automation.
- The Global landscape with Brexit, Supply chain disruption and World Pandemic are reinventing our transactional terrain, strategic direction and our ability to continue to operate, as usual.
- ESG and climate risks are regularly affecting conditions and disruption of business operations.
- Ever-present life and safety risks are mandating a local and global responsibility for the protection and safety of employees and communities; even affecting our ability to continue to travel at all.
Integrated response and crisis management involving escalation and on-board communication that is: prepared, ready and scenario modeled and tested with and for our customer, employees, C-suite, board, industry, supply chain, third-party service providers and government partners; needs to be standard equipment and include training to support change management across the enterprise.
From a Resiliency perspective: Most Financial Services organizations are at a tipping point. Change has caught up with us and the need to embrace it may have exceeded the time we previously calculated for all needed adaptations. Enormous investments are being made to build our new business vehicles, but where to start to catch up? At FS.AI we are ready to bring Artificial Intelligence, Machine Learning, and Hyper-Automation to operational risk management challenges in order to support the transformations needed.
In this blog, we will be exploring all things Digital Operations Transformation and how to achieve greater Business and Technology Resiliency. In this space, we hope to share the insights of the FS.AI team and our partners and based upon our collective experience, to promote a meaningful professional dialog.
