FY24 Risk & Resilience Learnings

4 minute read

FY24 Risk & Resilience Learnings from the Battleground team, in under 5 mins.

In a year marked by unprecedented challenges and rapid changes, the landscape of risk and resilience has evolved dramatically. From geopolitical tensions to unexpected outages, what once seemed implausible has become the new normal.

As organisations navigate this complex environment, the importance of robust disruption plans, smarter data management, AI integration, comprehensive controls, and holistic end-to-end thinking has never been more critical.

This article delves into the key learnings from FY24, offering insights and actionable strategies to bolster your organisation’s resilience and readiness for the future.

DISRUPTION

The window of ‘plausible disruption’ has shifted. Outages and issues, seen across many organisations and geo-political landscapes, indicate that scenarios once deemed far-fetched are now plausible. Effective disruption plans are vital. Resilience is often forgotten until you’re amidst the chaos; be proactive and build resilience to save yourself from preventable headaches.

Key Points:

  • Plausible disruptions are now a reality.
  • Proactive resilience building is essential.

Action Steps:

  • Review and update your disruption plans regularly.
  • Train staff on resilience practices and scenario planning.
 

SMARTER DATA

The ability to meet data requests accurately is crucial. Many organisations still rely on manual data entry processes with unclear roles in data governance, hindering their ability to meet stakeholder expectations. Over-reliance on third-party providers further complicates this issue.

Key Points:

  • Accurate data reporting is a growing necessity.
  • Investment in risk, compliance, and governance solutions yields financial benefits.

Action Steps:

  • Implement automated data management solutions.
  • Clarify roles and responsibilities in data governance.
 

ARTIFICIAL INTELLIGENCE (AI)

AI is no longer on the horizon—it’s here. Organisations that quickly adopt the right AI technologies will outpace their competition. Traditional labour-intensive tasks in risk and compliance can now be automated, offering higher accuracy and efficiency.

Key Points:

  • AI adoption is crucial for competitive advantage.
  • Automation can enhance task efficiency and accuracy.

Action Steps:

  • Assess your current operating model for AI integration opportunities.
  • Research and invest in appropriate AI tools.

 

CONTROLS

Claiming complete immunity to cyber-attacks is a mistake. While preventive measures are essential, no system is entirely invulnerable. Preparation for potential attacks is crucial.

Key Points:

  • Complete immunity to cyber-attacks is a myth.
  • Preparedness is key.

Action Steps:

  • Regularly update and test your cybersecurity measures.
  • Develop a comprehensive incident response plan.
 

END-TO-END THINKING

Shifting from siloed to end-to-end thinking remains challenging but necessary for building resilience. Overemphasising ‘likelihood’ assessments can be misleading in today’s volatile environment.

Key Points:

  • End-to-end thinking enhances organisational resilience.
  • Assess risks beyond just likelihood.

Action Steps:

  • Foster a culture of holistic risk assessment.
  • Integrate end-to-end thinking in all strategic planning.
 

CYBER

Cybersecurity remains a hot topic for crisis simulations at both Executive and Board levels. Boards are increasingly proactive in crisis readiness, especially regarding cyber threats.

Key Points:

  • Cybersecurity is a top priority for crisis simulations.
  • Proactive board involvement is increasing.

Action Steps:

  • Conduct regular cyber crisis simulations.
  • Ensure Board members are trained in cyber crisis management.
 

RESILIENCE TESTING

When testing your business’s resilience, push the boundaries of plausibility. Be prepared to confront scenarios you might think unlikely; otherwise, you risk facing unforeseen challenges unprepared.

Key Points:

  • Test resilience at the outer bounds of plausibility.
  • Prepare for unexpected scenarios.

Action Steps:

  • Expand the scope of your resilience testing.
  • Learn from other organisations’ experiences and adapt.
 

As we embark on FY25, staying proactive and prepared is key to navigating the ever-changing risk landscape. If you have any questions or need further assistance in enhancing your organisation’s resilience and risk management strategies, please don’t hesitate to reach out. We are here to support you every step of the way.

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