Ipsita Pradhan
Manager, SBI, United Kingdom
Email: ipsitapradhan23@gmail.com

Dr. Suresh Kumar Sahoo
Associate Professor
Sri Sri University, Cuttack, Odisha
Email: sureshsahoofinanace@gmail.com, Suresh.s@srisriuniversity.edu.in

Prof. P. Srinivas Subbarao
Dean, FCMS & CEO, SSU Innovation Pvt. Ltd, Faculty of Management
Sri Sri University, CUTTACK -754006
Email: srinivas.pasumarti@srisriuniversity.edu.in

Abstract

Operational resilience is the ability of an organization to prevent, respond to, recover and learn from operational disruptions to survive and prosper, and not cause harm to customers and the wider market. The challenges for operational resilience have become even more demanding given a hostile cyber-environment and large-scale technological changes. As recent disruptive events illustrate, operational resilience is a vital part of protecting the financial system, institutions and consumers. This paper focuses on how the provision of these products and services can be maintained within reasonable tolerances regardless of the cause of disruption. It reinforces the need for firms and FMIs to develop and improve response capabilities so that any wider impact of disruptive events is contained. The speed and effectiveness of communication with the people and institutions most affected, in particular customers, should be at the forefront of every firm’s response. Stakeholder engagement is the key to act and enact. The right operational resilience culture will help the organization to be proactive and take immediate action which would minimize the disruptions.

Keywords: Stakeholder, Culture, Governance, Framework, Resilience, Risk Appetite, Tolerance etc.

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