Business resilience builds on the principles of business continuity but extends much further to help enhance an organisation’s ability to alter operations in the face of changing business conditions. Regulators have a key interest in this topic given that operational disruptions to the products and services that firms provide have the potential to cause harm to consumers, threaten the viability of firms and cause instability in the financial system.
Internal Audit is ideally placed to audit the effectiveness of an operational resilience framework at mitigating the associated risk.
A comprehensive analysis, and indicative internal audit program, is provided by the ICAEW at https://www.icaew.com/technical/business-and-management/strategy-risk-and-innovation/risk-management/internal-audit-resource-centre/how-to-audit-operational-resilience.