How are operational risk and business continuity coming together as a common risk management spectrum?

Abstract

As the practices of business continuity and operational risk management are so closely intertwined, this paper analyses the background and characteristics of both. It also evaluates the risk management framework and examines the interdependence of operational risk and business continuity practices. In addition, it considers how best to combine the practices in order to meet the demands of business continuity planning. There is no one answer, and the best model depends on each organisation’s unique requirements. This fact is key to any organisation’s risk management strategy. With the increased focus on both business continuity and operational risk, it is best for organisations to put in place an integrated framework that provides the foundation for managing risk.