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Making the Journey from Business Continuity to Business Resiliency

Clarke Mark

It all happened so fast. One day, we started hearing about a new virus on
the news and, within a few short weeks, much of the world was in complete
lockdown. That meant employees couldn’t return to the office because something
as simple as a two-minute watercooler conversation could result in dire health
consequences. It was a panic-filled time full of remote work transitions,
branch closures and concern for staff and member safety – plus a whole lot of
cleaning wipes and buckets of hand sanitizer.

In the midst of the chaos, how many of us found our business continuity
plans were not effective or lacked preparations for a disaster of this
magnitude? Were we able to handle the many, many hurdles we faced in such a
short time? Suffice it to say that the pandemic taught us countless lessons
over the past year. And one such lesson is that focusing on straight-up
business continuity isn’t enough. Simply being prepared is not the be-all, end-all.
In fact, business continuity is just a step in the process on the journey to
reaching business resiliency.

What is business resiliency?

There are a variety of definitions for the term business (or
organizational) resiliency. Two such definitions are provided by computer
software giant, IBM, and the International Organization for Standardization
(ISO), so let’s compare:

“The ability of an organization’s business operations to rapidly adapt and
respond to internal or external dynamic changes – opportunities, demands,
disruptions or threats – and continue operations with limited impact to the
business.” -IBM

“The ability of an organization to absorb and adapt in a changing
environment to enable it to deliver its objectives and to survive and prosper.”
-ISO 22316:2017

Both acknowledge the need to continue with business as usual, regardless of
an emergency or disruption. Sounds kind of similar to business continuity,
right? But the difference is that business resiliency comes down to one thing:
adaptability. It’s about having the critical areas of disaster recovery/business
continuity – technology, employees, processes, security, etc. – already in
place so you can actively change course in your plans as the situation ebbs and
flows. And it’s that simple variation of adaptability that makes it vastly
different from the typical notion of business continuity.

Think about it, business continuity is all about playing defense. The goal
is to have plans in place to continue your operations as close to normal as
possible. It’s being reactive to the emergency that’s already happening.
Business resiliency, on the other hand, is about the offense and being proactive
– taking actions to ensure your credit union has the proper resources in place
to handle a disruption to business even before it arises.

How to Start the Journey?

After the many challenges the pandemic has brought to light, most credit
unions already have business continuity top of mind. But how do you get from
continuity to resiliency? The journey begins with some questions your
institution needs to consider:

  • What is
    the mission and vision of your organization?
  • Who are
    your members and what do they need from you? How have their consumer
    habits changed and what does that mean for your credit union?
  • How
    much can you bend before you break – have you performed a business impact
    analysis (BIA)?
  • What
    have you prepared for from an internal perspective (data breaches,
    pandemics, natural disasters, etc.)? Are your vendors and partners also
    prepared and, if not, what is the impact to your institution?
  • Have
    you trained staff and tested your preparations? Do you have cross-training
    efforts and succession planning in place?
  • What do
    future operations look like? Have you compared remote vs. facility-based
    work? Is it feasible to have multiple operation sites for disaster
    recovery purposes?

With those questions answered, you can determine what is needed to make the
transition in terms of staff time and expertise, technology and other physical
materials, software and databases, analytics, procedure updates and so on.

What are the next steps?

Just like Rome, business resiliency cannot be built in a day. It takes time
and effort to create an infrastructure that will enable your institution to be
not just prepared, but flexible in ever-evolving emergency conditions. These
are the four steps needed to make the transition, and although they seem
simple, they will help you truly see the difference between business continuity
and resiliency:

Focus on your people. People are your foundation for
business resilience. Trust and empower employees to do their jobs. Communicate
clearly and give them the tools they need to carry out business functions. In
turn, they’ll find solutions that will help you thrive today and tomorrow.

Support your partners. Your credit union might be
equipped for change, but are your partners? Monitor vendor and critical
partners’ financial health, cybersecurity, and access to data to minimize risks
to your institution/members and increase resiliency.

Safeguard your technology. Technology is a double-edged
sword. It can protect your organization or expose you to risk. Err on the side
of caution by finding and implementing solutions that can safeguard your credit
union through turbulent times. An example might be implementing a monitoring
and alert system to let you know of real-time supply chain issues.

Plan for sustainability. Sustainability is key to resilience,
and organizations need to make ongoing and perhaps even significant investments
to ensure that sustainability. A flexible workforce, succession planning and
disaster recovery efforts can all help to reinforce business resiliency.

There’s a reason we call it a journey to business resiliency; there’s no
single route or right way to get there. Every credit union’s path will be
different. Stick to the considerations and steps shown above and you’ll see the
difference between the defense tactics of continuity and the quick, hands-on
and adaptable nature of resilience. Good luck and bon voyage!

About Mark Clarke

Mark Clarke works as the
business continuity administrator for Vizo Financial Corporate Credit Union. In
this role, Mr. Clarke supports the performance of business continuity planning,
business impact analysis and business continuity training for the Corporate and
the credit union industry. Mr. Clarke also delivers tailored consulting
services for credit unions, assisting them with their specific business
continuity needs.

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