“Organizations must understand how the risk landscape has changed to better prepare for 2024 – and this starts with reflecting on lessons learned from 2023,” writes Steve Richardson, chief resilience innovation officer of Fusion Risk Management, in a piece for the Global Association of Risk Professionals (GARP).
Among the lessons Richardson cites are:
- Geopolitical Tensions Lead to Supply-Chain Disruptions – he recalls the effects of the war in Ukraine on supply chains last year and how some organizations have had to adjust shipping routes and are even considering relocating their operations.
- More Rigorous Stress Testing Will Be Key – Richardson writes: “The failures and subsequent fallout of Silicon Valley Bank and Signature Bank in early 2023 resulted, as expected, in a more scrutinized global regulatory landscape for financial services firms. But less-regulated organizations should take heed too.” He expects to see more industries implementing stress testing to expose organizational weak points.
- Cyber Threats Continue to Evolve – he points out that scenario testing will be crucial in the year ahead to ensure organizations are prepared to handle ever-evolving cyber attacks. This level of preparedness not only helps ensure business continuity, he writes, but also helps demonstrate to stakeholders and consumers that an organization “has its ducks in a row” and can be trusted to continue delivering its products and services amid potential disruptions.
Source: https://www.garp.org/risk-intelligence/operational/2024-continuity-resilience-lessons-240202
