OKRs stands for Objectives and Key Results. It is a goal-setting framework used by leading companies like Google, Amazon and Twitter to set ambitious goals and track measurable results. OKRs enable alignment, engagement, and enhanced outcomes.

Developed by Balanced Scorecard co-creators Drs. Robert Kaplan and David Norton, a Strategy Map illustrates an organization's strategic objectives and their cause-and-effect linkages in a single page. It provides a high-level view of the organization's strategy and how activities across perspectives contribute to strategic goals.

At its core, the Balanced Scorecard is a strategic planning and management system that aligns business activities with the organization's vision and strategy while monitoring performance. It complements traditional financial metrics with operational and stakeholder perspectives to give managers a balanced, comprehensive view of organizational health and progress.

Operational resilience has emerged as an imperative for financial institutions facing rising technology and cyber risks. Regulators worldwide are prioritizing resilience to ensure continuity of critical economic functions. This regulatory focus accelerated with the EU’s new Digital Operational Resilience Act (DORA) coming into force in 2022.

Boosting operational resilience has become a priority for global banking regulators. This was underlined by the Basel Committee on Banking Supervision (BCBS) releasing its high-level ‘Principles for Operational Resilience’ in March 2021.

In today's complex and uncertain business environment, organizations need a robust capability for managing risks holistically across the enterprise. This is where Enterprise Risk Management (ERM) comes in as a structured framework for identifying, assessing, prioritizing, and responding to the full spectrum of risks facing an organization.

While financial and strategic risks traditionally dominate boardroom conversations, operational risk has emerged as a key focus area for management in financial services and other industries. Operational risk refers to potential losses resulting from inadequate or failed internal processes, people, systems or external events. Unlike other risk types, operational risks can directly impact service delivery and day-to-day activities.

Operational resilience has become a major regulatory priority across European financial services, underlined by the new EU Digital Operational Resilience Act (DORA). Finalized in late 2022 after extensive industry consultation, DORA aims to ensure financial firms can withstand all types of ICT disruptions and threats.
Foreshadowed by initiatives in the UK and other European jurisdictions, this pioneering legislation seeks to harmonize digital resilience standards across the EU. It will apply to banks, insurance companies, investment firms, financial market infrastructure, and third-party ICT providers.

Operational resilience has become a top priority for financial institutions in the UK, driven by new requirements from the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). Both regulators have taken significant steps to ensure firms can continue delivering essential services even when faced with severe disruptions.

This client case study provides an outline of a successful risk management project undertaken by Andrew Smart and his team for a mid-size broker, within the UK financial services sector.

Faced with the new ICARA regulatory requirements, the firm's board took the opportunity to improve risk management across the business. The project's primary objective was to deliver a robust risk framework that meets the demands of the business and the regulatory obligations of ICARA, and in doing so, transform the firm's risk culture and redefine the perception of risk management within the firm.

To achieve this, Andrew and his team developed a "Services-Based Risk Management" framework that aligned the risk management framework to the business and addresses both board and regulatory demands.

In the face of rapid growth and an evolving business, our client, an international technology consultancy firm, faced significant service delivery issues and stakeholder challenges. By utilizing a combination of a Strategy Map, KPIs, OKRs and the RACI model, we delivered an strategic framework, supported by software that helped clarify strategy, refine their strategic objectives, align processes, initiatives and people. Early results show promising improvements in staff engagement and strategic execution, as well as substantial cost savings. Most importantly, this approach helped the firm articulate strategy and tell its story better; balancing its traditional service delivery business with is fast evolving local full service business.