Defining plausible scenarios: a guide to this core component of operational resilience
Operational resilience is becoming a regulatory requirement in the UK banking and financial sectors and is also beginning to take hold across the wider business continuity industry.
A key element of operational resilience is the development of ‘plausible scenarios’.
A plausible scenario is a realistic event that could disrupt the delivery of important business services, leading to unacceptable impacts. Plausible scenarios are used within operational resilience to stress test the impact tolerances that have been developed for important business services and to identify weaknesses, vulnerabilities, and associated mitigating actions. They are a key action for validating operational resilience strategies; providing clarify and confidence for executives and regulators.
To assist with the development and use of plausible scenarios, Castellan Solutions has written The Plausible Scenario Builder. This is a new guide designed to help you effectively navigate this area of operational resilience by offering a practical five-step framework and worksheet to define plausible scenarios and to prepare them for use in stress testing.