Operational Resilience and Impact Tolerance in a post-coronavirus world, Chris Crowther
Operational Resilience and Impact Tolerance in a post-coronavirus world, Chris Crowther
In early December 2019 the Bank of England, Prudential Regulation Authority and Financial Conduct Authority published six consultation papers (CP) on operational resilience and impact tolerance.
The papers set out a series of proposed rules and policy statements which are expected to make their way into confirmed policy by the second half of 2021. This was around the same time as the C-19 strain of coronavirus was wreaking havoc in Wuhan and was about to change our world and appreciation of resilience.
The Covid-19 pandemic has shown that many businesses have been able to pivot from being office-based to supporting staff working full time at home. However, the home environment is not the same as an office environment. As the lockdown is extended business leaders need to think about how to maintain long-term productivity and staff wellbeing. This demands an appropriate organisational culture and resilient mindset.
For many organisations, getting laptops to everyone and moving to Cloud suites was the first step. Home-working software also exceeded expectations, including office, collaboration, virtual desktop, remote access and security. Some organisations have found they are able to get by without the need for physical PCs deploying virtual desktops to staff to enable them to work remotely. In summary, it is necessary to understand the needs and expanse of your digital and physical footprint.
Shifting Resilience & Sliding Productivity
Resilience has shifted from centralised offices to numerous home-offices. Furthermore, working from home shifts information assurance and business resilience from the responsibility of the CIO to remote workers themselves. Some firms have modified their websites to give easily accessible and understood instructions to users on what to do.
A study measuring the hours worked on work computers and applications in major European countries between 24 February to 26 March 2020 has reported that Europe has seen a decline in productivity. The Global Remote Work Productivity Tracker found that in the UK, people were using work applications 20% less than if they were in an office. Germany and France both experienced a 55% decline, Spain a 33% decline, and Italy a 70% decline. These falls risk an increase in worker surveillance, so organisations need to be clear on their in-place controls and defences and the associated cost-benefit analysis.
With more dispersed teams, businesses are finding it increasingly important to remain digitally connected. Data from Slack illustrates how London-based workers are making greater use of the Slack service – usage data between February 17-21 and March 16-20 increased by 27%. While, almost overnight, Zoom has become a household name for video conferencing. This suggests that staff and organisations are figuring out how to use technologies that support remote working.
This week will likely witness the UK Govt laying out its C-19 Restart Exit Strategy – it is a good time for organisations to reflect on what they ought to do to avoid the chaos and uncertainty in future. This will require a detailed examination of fit-for-purpose response frameworks.
The first phase was about getting people working but this is not a sustainable position – particularly from a health and safety, and productivity perspective. Home bandwidth is also contentious. There are reports of a 5.3% decrease in internet speed in Europe and Amazon and Facebook have fallen by over 50%. These shifts are unsustainable.
One of the long-term impacts of coronavirus is likely to be a sense of home-working empowerment. This paradigm shift provides a unique opportunity for organisations to re-evaluate their resilience and impact tolerance. At a tactical level, organisations ought to consider how to resource a sustainable home-working environment with suitable social channels and a regular communications routine to avoid isolation syndrome.
From an enterprise perspective, it makes more sense to evaluate these shifts and changes through a maturity framework that focuses on your organisation’s digital and physical infrastructure and estate; the suite of in-place controls and defences that protect those estates; the robustness and effectiveness of your organisation’s response frameworks especially its supply chain; and, most importantly, a resilient organisational culture and mindset.
Over the past 18 months, Spectra Analytics, working with Perimeter Group to develop a leading-edge Operational Resilience and Impact Tolerance Maturity Assessment, known as ORBITT, to help Enterprises effectively manage the risk of resilience challenges like global pandemics.
Marcus is the CEO and Co-Founder of Spectra. Passionate about using AI to transform businesses and society, Marcus founded Spectra to help enable and promote the benefits of Artificial Intelligence. As an experienced data scientist, he’s worked in both academic and professional settings, and is a Fellow of the IMA.
Marcus is an external academic supervisor at the University of Warwick and a Fellow at the Institute of Mathematics and its Applications. He was previously a Derivatives Trader for Citigroup, as well as an NCA Special for the National Crime Agency, where he advised on the applications of Machine Learning and Data Analytics.
Marcus holds a PhD in Complexity Science with Finance and an MSc in Complexity Science from the University of Warwick, a BSc in Physics from the University of Durham, and a Charters in both Mathematics and Science from the Institute of Mathematics and its Applications.
Youssef is an experienced Data Scientist and full-stack developer. He has developed AI-powered products for a diverse range of industries from defence to healthcare and marketing. He is passionate about finding creative ways to solve problems and using cutting-edge models and technologies.
Youssef holds a PhD and MSc in Statistics from Imperial College London, and an MEng in Telecommunications from Telecom SudParis, Institut Mines-Telecom.
Christelle is a Junior DevOps Engineer. Her main focus is managing, supporting, and developing CI/CD pipelines and Infrastructure-As-Code in order to ensure Spectra’s products are efficiently automated and robust.
Robert is advises Spectra on Business Development. He has extensive business experience having previously listed his company, Brady PLC the largest European supplier of software for global commodity trading, on the London Stock Exchange.
Robert is the Treasurer of the Cambridge Angels and was previously an Honorary Fellow of the Cambridge Judge Business School, and an Industrial Fellow at the University of Cambridge’s Computer Laboratory.
Robert is the Director of Mathematical Interdisciplinary Research at Warwick and its Centre for Complexity Science, which includes its doctoral training centre. He is a Fellow of the Royal Society (FRS) Renowned Fellow of the Engineering and Physical Research Council “Recognising Influential Scientists and Engineers” scheme.
Robert’s principal research interests are in the statistical behaviour of complex dynamical systems, and he aims to shed light on the concepts of emergence, tipping points, and nudges. He is currently involved in research projects on Management of Complex Systems, Energy Storage, Behavioural Science, and Internet Science.
Robin is an Emeritus Professor of Theoretical Physics at the University of Warwick, after previously being the Head of Physics. His principal research interests include statistical physics with an emphasis on self-organising systems. Examples of this are fractal aggregates, polymer microstructures, protein folding, dynamics of fracture and granular, and colloidal materials.
Gwynneth is the Product Manager and Head of Training for PATCHS. With over 10 years of experience, Gwynneth is an accomplished clinical systems product specialist. She has expertise across requirements management, implementation, and software training. Previously, Gwynneth worked across a wide range of care settings with health professionals, delivering and supporting market leading software.
Ben is the Chief Medical Officer of Spectra Analytics, as well as a practicing GP and a Senior Lecturer at the University of Manchester.
Ben is an expert is developing advanced analytical clinical software. His work has been published in over 40 peer-reviewed scientific papers, and he has won awards from the International Medical Informatics Association, British Computer Society, and Royal College of General Practitioners.
In addition to his medical training, he has qualifications in Health Informatics (PhD), Public Health (MPH), and Leadership (MSc).
Dan co-founded Spectra Analytics with Marcus in 2014, and has led as Chief Technology Officer and Chief Science Officer since its founding. Dan leads the Data Science and Data Engineering teams at Spectra, overseeing the Artificial Intelligence, software development, and technology infrastructure.
Dan is also an external academic supervisor at the University of Warwick, and was previously a consultant for USAid.
Dan holds a PhD and MSc in Complexity Science from the University of Warwick and a Physics (MPhys) from the University of Oxford.