Session Objectives

• Learn the importance of Operational Resilience
• Best practice approach to an optimal operational resilience framework
• Understand the need for strong data governance (internal and external) and management frameworks to support Operational Resilience.
• Introduce the role of Gen - AI and advanced analytics, built on top of a solid data foundation

The Growing Importance of Operational Resilience

• Overview of key regulatory drivers, such as MAS BCM Guidelines, CPS230, DORA etc.,
• Principles on Operational Resilience, including Process Mapping, Tolerance Levels and Monitoring
• From reactive to proactive, a paradigm shift towards proactive risk identification and mitigation
• Key Challenges Facing Operational Resilience Programs, fragmented data sources, growing interconnectness of risks, increase reliance of technologies, introduction of new technologies and increased third party reliance.
• How each line of defense (Business, Risk Departments, and Internal Audit) contributes to the management of Operational Resilience

How to establish strong data governance for operational resilience

• Aligning Operational Resilience Data needs with Business objectives and strategy (e.g. instant credit approvals etc.,)
• Identification of Data needed for Operational Resilience
• Establishing clear ownership and responsibility for operational resilience data across teams and functions. (e.g. Procurement etc.,)
• Key Elements of Effective Data Governance, e.g. availability of data, accuracy of data, timeliness of data, completeness of data, protection of sensitive data
• Managing unstructured data sources (e.g., emails, incident reports, customers discussions, chat records)
• Managing manual data inputs (e.g. consistency in data inputs on risk assessment descriptions etc.,)
• Conceptualizing a centralized data repository for operational resilience, where both structured and unstructured data are stored and can be accessed for analysis

How Technology can help

• How technology can help to gather the data, assure the quality of the data
• Using analytics to identify patterns and pinpoint emerging risks
• The risks of utilizing AI/Gen AI in risk management activities (e.g. hallucinations, over – reliance by users etc.,)

Round discussion theme

• How can AI/GenAI be used for Operational Resilience Management

Demonstration

• Visualization and analysis
• Gen AI use cases for Operational Resilience