Business standards company the British Standards Institute (BSI), which recently issued guidance on outsourcing, has published BS 65000 ‘Guidance for Organisational Resilience’.
“This landmark standard provides an overview of resilience, describing the foundations required and explaining how to build resilience,” said the BSI. “It therefore deals with an organisation’s capacity to anticipate, respond and adapt – which could be crucial to its survival.
BS 65000 provides guidance on achieving enhanced organisational resilience and articulates the benefits of doing so. Currently, standards exist within the crisis management and business continuity management arenas which impact on the overall governance of an organisation. This standard can help to enhance these practices by integration of the disciplines that are essential for resilience.
BS 65000 references other activities including risk management, horizon scanning and change management.
Bringing coherence to these disciplines and activities is a very important and growing issue for all businesses to include within their essential business behaviours. To demonstrate the global value of this standard, the International Organisation for Standardisation (ISO) is developing ISO 22316 – Organisational Resilience, which is due to publish in 2016, and BS 65000 is providing the basis for this standard.
The benefits of resilience are clear and enable organisations to:
- Adapt/improvise successfully to unforeseen and disruptive changing environments.
- Gain a competitive edge by identifying gaps and taking advantage of opportunities.
- Be more agile and innovative by learning from trends.
- Reduce costs and increase efficiency by avoiding potential pitfalls.
- Obtain a better understanding of risks and opportunities.
- Preserve and improve their reputation by being seen as vigilant and robust.
- Engender trust amongst external clients and internally amongst staff.
- Cultivate a culture of shared purpose and values
“Organisations that are resilient behave in a very specific way and have long understood what this means to their long term success,” said Anne Hayes, head of market development for governance and risk at BSI.
“They take a proactive approach to governing themselves and have pinpointed the importance of being forewarned. BS 65000 can work alongside their existing risk, crisis and business continuity management strategies to provide a solid defence against weathering a tough business climate.”
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
The proposals of both US presidential candidates could shake up operating conditions in several sectors, reports the credit ratings agency.
The Danish shipping and oil conglomerate confirmed that it will separate its businesses into stand-alone transport and energy divisions.
The central bank has tweaked its stimulus programme and is making a fresh effort to push Japan’s inflation rate above its 2% target.