A panel discussion on operational resilience at Fordham Law was featured in a blog post for Radical Compliance, examining how it relates to different business sectors and corporate compliance.
“Operational resiliency” is one of those phrases in corporate compliance and risk management that, let’s be honest, sounds boring as hell when you first hear it.
Like so much else in this field, however, it’s not boring once you consider what operational resiliency actually means — which is exactly what several dozen compliance professionals did at Fordham Law School last week during a panel session about operational resilience. There was lots to unpack in that subject, and the points raised apply well beyond the financial sector. So let’s take a look.
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For example, the crowd at the Fordham discussion were mostly banking industry people. Think about how complicated that sector is, with so many niche players providing niche services to other parties, in one gigantic chain we call “financial services.” Each link of that chain needs a clear sense of what its mission-critical services to its customers are, and under what circumstances the firm might fail to deliver those services.