This guidance paper comments to the preparedness of financial institutions to continued operations with regard to events that may occur that impact on its continuing operations and or ability to deliver member services.

“The objective of this guidance is to communicate to industry how to prepare for, respond to, recover and learn from an operational disruption that affects the delivery of critical or important business services.”

Operational risk management is focused on minimising risk, through development of controls that reduce the impact and probability of an operational event occurring. It focuses on building capabilities to deal with risk events when they materialise, rather than purely focusing on building defences to prevent risk events from occurring – to remain a viable ongoing concern, absorb shocks rather that contribute to them, to recover and adapt when disruptions occur.