The BCI has launched the BCI Continuity & Resilience Report 2023, a survey-based report which explores the status of business continuity and resilience within organizations.
Sponsored by Riskonnect, the report shows a continuation of the ‘definition confusion’ highlighted in last year’s report, where half of organizations have yet to internally define, or even understand, the differences between business continuity and resilience.
Incoming operational resilience regulation has helped financial services organizations to better understand how operational resilience and business continuity can work together to ensure organizational resilience, but differences in definitions between sectors are broad.
Resilience and the c-suite
Three-quarters of survey respondents report that responsibility for resilience lies with the c-suite, as per good practice. This demonstrates a growing understanding of the importance of embedding resilience across all tiers of an organization. In some cases (6.8%), this means a shared responsibility among c-suite members, while the majority say that either the chief executive officer (26.5%), chief operations officer (12.9%), or chief risk officer (12.9%) holds the ultimate accountability for resilience.