Tue 10 Dec 2024 - The UK’s financial regulators (Bank of England, Prudential Regulatory Authority and Financial Conduct Authority) regard operational resilience as a major regulatory initiative to ensure regulated firms can provide resilient services to their clients and to support the financial markets.
Operational resilience (OR) is the ability of firms and the financial sector to prevent, adapt, respond to, recover from, and learn from operational disruptions. Firms must assume, from time to time, disruptions will occur that will prevent them from operating as usual and see them unable to provide their services for a period.
Firms therefore need to set clear standards for the services they provide and test their ability to meet those standards. They are required to review their existing approaches and make improvements where necessary.
Firms are expected to embed OR in their day-to-day operations, changes to infrastructure and strategies and business plans. Their senior management and boards are expected to take responsibility for the firms’ resilience.
The regulations must be fully implemented before the end of March 2025. However, because of the vague nature of the in-principle regulations, much is left to firms for interpretation and implementation.
This poses both opportunities and challenges to management and particularly to boards and NEDs who are expected to be able to understand the regulatory requirements and to judge whether their firms will be compliant.
This webinar will equip your organisation with the next steps required to understand the regulatory requirements regarding the OR journey, and the practical steps needed to help build your organisation’s OR that align with these guidelines.
This webinar provides practical guidance to UK-based financial institutions, as well as suggestions and recommendations to assist them in implementing the OR guidelines.
It will explore:
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