In this series, Facility Executive introduces you to one of the many business continuity professionals scheduled to speak at the 21st Annual Continuity Insights Management Conference, which will take place at the Hyatt Regency Minneapolis, April 24-26, 2023.
In these times, when the need for critical information-sharing has never been greater, Continuity Insights offers insight, inspiration, and actionable ideas presented by a faculty of leading business continuity experts and practitioners. This conference provides a timely and important opportunity to share best practices, lessons learned, and effective strategies employed to ensure organizational resilience.
Here, we chat with Tahir Rao, Director, Operational Risk & Control, Insurance Operations at Securian Canada.
Facility Executive: Tell us about your background. How did you first get involved with business resiliency?
Tahir Rao: I am highly accomplished risk professional with over 25 years of experience in the banking and insurance sectors. I was born and raised in a small village in Pakistan. After completing my undergraduate degree in commerce (B. Comm), I went on to earn an MBA with a specialization in finance and then embarked on a career in the financial services industry, starting out as a customer services officer at a major bank in Pakistan. Over the course of my career, I held a variety of senior leadership roles in risk management, compliance, and internal audit at some of the world’s leading financial institutions. I also earned several professional certifications, including the Certified Internal Auditor (CIA), Operational Risk Manager (ORM), Certified in Risk and Information Systems Control (CRISC), and Certification in Risk Management Assurance (CRMA).
FE: How would you define organizational resilience?
TR: Organizational resilience refers to an organization’s ability to adapt and withstand disruptions, shocks, or unforeseen events that may impact its operations, reputation, or existence. It involves the capacity to anticipate and respond effectively to internal or external pressures, such as economic recessions, natural disasters, cybersecurity threats, or changes in market conditions. Organizational resilience is not only about withstanding a crisis but also about bouncing back and transforming the organization to be better prepared for future challenges. It involves a range of strategies and capabilities, such as risk management, crisis planning, flexible operations, strong leadership, and adaptive culture. Ultimately, organizational resilience helps ensure the long-term sustainability and success of the organization, even in the face of adversity.
FE: What are some primary functions organizations are outsourcing today?
TR: Call center, policy administration, facilities management, internal audit, transportation and administration etc.
FE: What are some of the biggest concerns you hear from principal companies when it comes to outsourcing functions?
TR: Financial and operational reliability of the company, cybersecurity, regulatory compliance management.
TAHIR’S BREAKOUT SESSION
Managing Organizational Resilience
In Outsourced Functions
Program Development and Advancement Track
Tuesday, April 25, 2023, 9:45 AM – 11:00 AM
Dependency on third parties and outsourced companies is increasing while responsibilities remain with the principal company. It is challenging for the principal companies to get assurance from third parties/outsourced companies about their business continuity/operational resilience.