We have all experienced ATM failures or late payments due to financial system outages. This has highlighted the gaps in the current levels of operational resilience across the financial sector.
Consequently, on each occasion a number of key questions are repeatedly raised with financial institutions and in particular:
‘why has this happened‘
‘what are you doing to prevent this from happening again’
The Bank of England, Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have published a joint discussion paper (DP) on an approach to improve the operational resilience of firms and financial market infrastructures (FMI’s).
What part do you have in bringing changes to operational resilience in the financial sector?
All stakeholders e.g. firms and FMIs, trade associations, consumer bodies, individuals and businesses users of financial services are invited to respond to questions posed in the paper. In particular, responses will be sought from those who have been impacted by disruptive events.
These responses will generate debate around the expectations of regulators and the public in the operational resilience of our financial institutions.
How can we assist you with your approach?
Have you already implemented an operational resilience approach which meets the minimum requirements or have you been impacted by disruptive events?
Could you benefit from an independent assessment of your current approach or do you need support in defining or improving your approach?
Please get in touch for a free initial consultation.