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.”
The US dollar and debt yields falling on the North Korea missile test, treasury being a top target for cyber criminals and why treasurers aren't into real-time payments all hit the latest headlines in the world of treasury this week. Don't miss our ten top news stories from around the world.
Treasurers are being expected to do more work with fewer resources than ever before, so it is little wonder that the automation of day-to-day operations was highly discussed on the second day of EuroFinance, the annual treasury event held in Barcelona this week.
Chicago based Treasury Management System (TMS) vendor GTreasury and Sydney based risk and treasury management vendor Visual Risk have joined forces in a strategic alliance to ... read more
After winning the German presidency for her fourth term, Angela Merkel must weld a coalition government or have a minority rule with the most far-right politicians seen in 50 decades.