Iceberg Webinar: Adding relevant financial context to your BCM program
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The webinar discusses integrating financial context into business continuity management (BCM) programs, highlighting the importance of transforming perspectives from reactive to proactive risk management. It emphasizes the use of data to inform risk decisions and encourages organizations to identify critical business elements and streamline their approach for better recovery outcomes. Key takeaways include prioritizing meaningful data collection, fostering engagement, and understanding the impact of operational risks on financial performance.
Iceberg Webinar: Adding relevant financial context to your BCM program
- 1. Adding relevant financial context to your BCM program WEBINAR • APRIL 3, 2018
- 2. Delivering Risk Intelligence Melissa Cohoe DIRECTOR OF IMPLEMENTATION & INTEGRATION Maria Tao GRC DEVELOPER Today’s presenters
- 3. Delivering Risk Intelligence Use data to drive for your risk program meaning
- 4. Delivering Risk Intelligence Which conversation is more meaningful? What’s my risk? Lots! What will my risk be if I implement this? Less! ???
- 5. Delivering Risk Intelligence Which conversation is more meaningful? What’s my risk? If we have an outage we will lose $100,000 What will my risk be if I implement this? If we have an outage we will lose $25,000 trust confidence informed certainty meaning
- 6. Delivering Risk Intelligence Scenario A High criFcality Low recovery Fme capability RemediaFon plan cost = $50k
- 7. Delivering Risk Intelligence $25k/hour revenue 4 hours recovery Fme $100k per outage Upgrade implemented! RemediaFon = $50k Scenario B
- 8. Delivering Risk Intelligence A change of perspective Adherence-‐driven risk management Business-‐driven risk management Features Outcomes Precision Understanding
- 9. Delivering Risk Intelligence Business-‐Driven Risk Management ü Requires a culture shi[ ü Change reacFvity to proacFvity ü Change your business partners from reluctant parFcipants to acFve stakeholders. ü Change the conversaFon from “because we have to” to “because it is in our best interest to” ü This is a criFcal step for GRC maturity.
- 11. Delivering Risk Intelligence Outcome-‐focused BCM ü IdenFfy & remediate business conFnuity risks ü Know what to do if there is an interrupFon ü Provide trusted info to ORM, execuFves, etc. meaning à impact à value
- 12. Delivering Risk Intelligence Understanding (versus precision) What will my risk be if I implement this? If we have an outage we will lose $57,350.
- 13. Delivering Risk Intelligence Keep it simple, and just start! ü IdenFfy data that will provide the most meaning and value to your program; prioriFze its collecFon. ü Data which will drive decisions ü Focus on financials
- 14. Delivering Risk Intelligence Keep it simple, and just start! ü Minimize miscellaneous or informaFonal data collecFon. ü Make sure data has a purpose and feeds outcomes of the program. ü Maximize engagement by end-‐users because they can see the impact ü Minimize clucer
- 15. Delivering Risk Intelligence Keep it simple, and just start! ü Avoid analysis paralysis. ü Start where you are – do not wait for perfecFon! ü Gain specificity in flight. ü If it gives you more informaFon than you had before, it’s a measurement, no macer how fuzzy. ü RTC 4-‐6 hours. Loss: $100k-‐$150k ü $50k-‐$60k to resolve ü New RTC: 1-‐2 hours Loss: $25k-‐$50k.
- 16. Delivering Risk Intelligence Use data to drive for your risk program meaning
- 18. Delivering Risk Intelligence Use data to drive for your risk program meaning
- 19. Delivering Risk Intelligence Outcomes for Operationalizing BCM ü IdenFfy the “crown jewels” of the corporaFon. ü Know crown jewel readiness to recover. ü High user adopFon of BCM program. ü Apply a consistent workflow for plan creaFon, tesFng, and findings. ü Understand the Recovery Time ObjecFve/ Recovery Time Capability gap.
- 20. Delivering Risk Intelligence A full lifecycle of GRC services Management Workshops Visioning & Alignment CMO/FMO KRI/KxI Professional Services ImplementaFon & IntegraFon SoluFon Lifecycle Management Iceberg APS Dedicated & On-‐Demand Support Mentoring, Coaching & Skills Development Sandboxes Risk Intelligence Academy Case Studies Best PracFces Webinars GRC InnovaTon ReporFng / Dashboards Toolkits & Enhancements
- 21. Delivering Risk Intelligence Melissa Cohoe DIRECTOR OF IMPLEMENTATION & INTEGRATION Maria Tao GRC DEVELOPER Q&A
- 22. Thank you! Webinar replay: icebergnetworks.com