Standards Development

Scope

The proposal is change the type of standard from a guidance to a COP

This Code of Practice will provide guidance and recommendations, terms and definitions, and principles of organisational resilience, including:

a) clarifying the evolving nature and scope of organizational resilience for top management;

b) identifying the principal components of resilience to enable an organization to review its resilience and to implement and measure improvements;

c) identifying and recommending good practice defined in existing standards and disciplines and how this standard relates to them;

f) considering elements of organizational resilience such as strategic cultural, financial, and operational and how they relate;

g) monitoring, measuring, maturing resilience over the long-term;

h) proactive approach to understanding and influencing others

Purpose

The revision is proposed as a new type of standard (Code of Practice) on the basis that the discipline has matured considerably since the guidance was published in 2014 and it will include many more recommendations.

It will update and standardise: the terminology, approach and scope of resilience across industries, sectors and organizational type – and will be applicable to private, public, voluntary organizations of all sizes. It will provide guidance and recommendations on what constitutes organisational resilience, the defining attributes and the practical measures that should be considered/ can be taken.

COVID-19 (and to an extent EU Exit and Climate Change) are making the topic of Organisational Resilience a strategic issue. The recent report from the National Infrastructure Commission and Consultation Papers from the Financial Services regulatory authorities, amongst others, will increase the need for, and scrutiny of, resilience in these sectors. A change to regulatory policy for operational resilience in financial services will come into effect in 2021.

Post COVID-19, resilience will be a defining strategic issue for many organisations. This standard will help organisations understand what resilience means (for them) and provide the necessary guidance to help them build a more resilient future.

The Code of Practice will:

• recognize areas of good practice that have evolved since the publication of the last edition, December 2014

• provide an authoritative document that can be used as part of the board- level agenda

• align the pursuit of resilience with the wider SDGs

• provide clear interconnection and recognisable relationships between subjects such as cyber, sustainability, supply chain, culture, work-force, etc – as well as key standards such as Risk Management, Emerging Risks, Business Continuity Management, Crisis Management and Governance to support responsible and good business practices

• harmonize many existing management processes and systems to save management time and to improve investment decisions

• support discussions on resilience across organizations with agreed terms and definitions