Hiring a capable and effective information security analyst staff, or increasing your budget to expand information security jobs in your organization may prove your upper management’s support for keeping your company’s data safe from hackers …but….it may not be enough to help guarantee an enterprise’s ability to continually satisfy its customers.
Companies that can do that are often considered to have strong organizational resilience qualities embedded within their corporate culture and how they run their companies on a day to day basis. Research indicates that many leadership teams will agree that, to ensure lasting success, their organization must become ‘resilient’.
But, what does having organizational resilience really mean — especially for your company? How do you put that resilient quality into practice?
Hopefully, our staff has found a way to help answer those questions, and, clarify the importance of “being resilient” to you and your company.
In the results of a recent survey published by Innosight and entitled “Creative Destruction Whips through Corporate America”, it was stated that today, long-term prosperity in business is rare and decreasing. In the U.S., for example, research has shown that companies currently remain in the S&P 500 index for an average of just 18 years, down from 61 years in 1958.
What did this study find to be the reasons for this decline in corporate life longevity?
In this report you will see a variety of results of a survey focused on “how to build an enduring enterprise” and the importance of expanding an organization’s strategic planning and scope beyond ways to survive against the ever growing threats from cyber security attacks on your company.
In 2015 alone, Volkswagen’s reputation was severely damaged by an emissions-rigging scandal, Toshiba dealt with US$1.2bn accounting irregularities that led to the resignation of its CEO, and Petrobras, Brazil’s state-run oil company, suffered multibillion-dollar losses in the wake of embarrassing disclosures about corruption and money-laundering.
These incidents clearly show how even strong organizations are vulnerable to upheaval—and not just from scandals.
Shifting market demands, global competitors and major political or economic changes can unsettle, and even topple, established brands that are caught unprepared.
Organizational Resilience Defined
BSI America recently published Standard BS 65000, where it defines Organizational Resilience as “the ability of an organization to anticipate, prepare for, respond and adapt to incremental change and sudden disruptions in order to survive and prosper”. Here, the words “organization” and “prosper” really matter.
Organizational Resilience reaches beyond survival, towards a more holistic view of business health and success.
A resilient organization is Darwinian, in the sense that it adapts to a changing environment in order to remain fit for purpose.
This survey of 411 business executives worldwide shows that companies are well aware of the importance of organizational resilience. It shows that executives are confident about their companies’ ability to embed key specific resilience promoting practices in their daily operations and understand the benefits of becoming resilient. However, the survey also shows that only about one in three so far say that resilience has become “embedded within the organization and a clear differentiator and factor in success/improvement in performance”. And looking ahead, less than half of respondents expect to have achieved this goal in three years’ time.
This research explores the gaps between intention and action in companies’ approach to promoting resilience.
Organizational Resilience planning, managing, implementing and improving activities have to be set and led from the top of the organization.
Organizational Resilience is not a defensive strategy, but a positive, forward-looking support of business development that is capable of assisting more effective strategic planning. If truly effective, it will also help business leaders take measured risks with confidence.
Robust, resilient organizations are flexible and proactive – seeing, anticipating, creating and taking advantage of new opportunities in order, ultimately, to pass the test of time.
By demonstrating the resilience of their organization – through certification and compliance to recognized standards, for example – leaders of those organizations are also showing that their organizations are reliable, trustworthy and the kind of company that others would want to do business with.
If the thoughts about organizational resilience listed above appear to be of interest to you or some members of the risk management or business continuity planning teams in your organization, then CLICK HERE to read this report.
Our staff hopes that, by reading this report, your company’s upper management will be provided both a valuable insight into how companies can establish a resilient business plan both in the short-term and long-term as well as an appetite to learn more about how, why and when to continually improve that plan in the future.
by: Ben J. Carnevale, Managing Editor