The importance of cultivating capability cannot be overstated in strategic resilience. It is the foundation upon which we build their resilience, adaptability, and, yes, even our competitive edge. By investing in the development of skills, knowledge, and expertise, we not only enhance our ability to overcome challenges and seize opportunities but also foster a culture of continuous improvement and innovation.
Cultivating capability empowers organizations to confidently navigate uncharted waters, respond effectively to change, and reach new heights of success. It’s a journey of testing, responding, and learning that leads to a brighter, more resilient future for us all.
In our February featured guest blog, Margaret Millett, financial services, insurance, and technology executive and BCI’s Lifetime Achievement Award winner for 2023, discusses the transformative power of Microsimulations building the capability for strategic resilience.
About the Guest
Margaret Millett is a globally recognized leader in enterprise risk management, renowned for her visionary leadership and innovation. With extensive experience in the Financial and Technology sectors, Margaret has developed high-performance risk management solutions, crisis management strategies, and business continuity programs across diverse countries and cultures.
Margaret has spearheaded resilience efforts for Fortune 300 companies such as MetLife, IBM, PayPal Holdings, eBay, and State Street. She excels in maintaining global functions during mergers and acquisitions and has served as a trusted advisor to industry organizations.
Margaret’s expertise encompasses Business Continuity, Enterprise Risk, Pandemic Planning, Third-Party Risk Management, and Program Management.
How Teams can use iluminr Microsimulations to Bring Strategic Resilience to Life
Do you know the benefits of Microsimulations? Organizations need a business resilience exercise strategy to practice and validate various plans. Depending on where the organization is on their exercise maturity level not all exercises should be the same.
Conducting Microsimulations is a great way to build the organizations response skills. If an organization is new to exercising, over time, this is an excellent to prepare for larger and more complex exercises.
What is the right exercise scale to simulate for a team? A team which has never had an exercise may be confused and overwhelmed if a full-scale simulation exercise is conducted. On the other hand, conducting a small-scale simulation exercise may be underwhelming.
In Resilience, funding is not always easy to obtain. Microsimulations are cost-efficient may be the right solution during a tight fiscal year.
Microsimulations are interactive with near-as-real-life visuals. It begins with situation unfolding. Employees are given interactive injects to practice decisions which will have to be made during an actual event. It will take a complex part of an event and break it into smaller segments for an organization to understand and make decisions. It is a great team building exercise for employees to understand the event and repeat the Microsimulations to see how it unfolds based on different decision-making strategies.
Chances are Microsimulations should be part of your 2024 Business Resilience Exercise strategy. It is an exercise which takes less than 30 minutes to complete. Microsimulations will hone skills needed; evidence-based decision making, financial considerations, strategic thinking, and operations management which may impact brand and reputation. Creating microsimulations allow an organization to exercise difficult business decisions in a safe environment.
Financial Services, Insurance, and Technology Executive
BCI Lifetime Achievement Award Winner, 2023