Sailing on a Sea of Uncertainty: Reflections on Operational Resilience in the 21st Century

Simon Ashby ()

Journal of Financial Transformation, 2021, vol. 53, 64-69

Abstract: This paper reflects on operational resilience in the 21st Century world of transboundary crises. Transboundary crises cross borders, including geographic and organisational boundaries and beyond. In so doing, transboundary crises can have surprising, even unique, consequences. Atypical in both their nature and severity. In the case of COVID-19 the crisis spread rapidly from the biological world into politics, markets and operations/supply chains, almost stopping the beating heart of our global economy. The paper proposes a capability-based framework for thinking about operational resilience in the face of transboundary crises. This framework incorporates formal and informal elements, along with a combination of pre-crisis planning and in-crisis adaption. The idea is to maintain flexibility, while avoiding unstructured chaos. The case of Texan supermarket chain H-E-B is used to illustrate the framework. Though not from the financial services sector, there is much that financial organisations can learn from its example.

Keywords: Operational Resilience; Risk Management; Pandemics; Financial Institutions (search for similar items in EconPapers)
JEL-codes: G20 G32 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:ris:jofitr:1668

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