The need to plan and prepare for operational disruption within the financial services industry has never been more important. Advancements in automation and artificial intelligence, growing cyber risk, increased outsourcing, economic disruptions such as Brexit and climate risk have all made this need more acute. Historically, firms have focused on preventing disruption, but increasingly regulators are requiring firms to assume disruption will occur and have plans in place to ensure continuity of service.
While media coverage of operational resilience focuses on major incidents or outages within financial services firms, the national headlines throughout 2019 have also highlighted that operational resilience is a key focus for a number of other industries. Telecoms outages, energy supply interruptions and service pressures in the NHS are just a few examples. Throughout this paper, we will investigate how other sectors approach resilience and what lessons the financial services industry can learn from them, focusing on the following questions:
- Who is responsible for ensuring resilience?
- What services do firms need to ensure are resilient?
- How resilient does a firm need to be?
- How can firms assess resilience? What happens when it all goes wrong?
- How can firms assess the impacts of a resilience incident?
- What does good resilience testing look like?
- What role can the regulator and industry play?
UK payments outlook: the five trends to look out for
We explore the five key trends and predictions we expect to see in the payments industry over the next 12 months.Read more
The role of regulators in accelerating Web 3 innovation
Financial institutions are seeing the potential that Web 3 technologies can offer but need the regulatory guard rails to have the confidence to commit.Read more
TNFD: Are you prepared for biodiversity reporting?
With the new TNFD draft disclosure metrics, we look at what nature-related information banks have included in their 2022 reporting.Read more
What can banks learn from the 2022 climate disclosures?
As the 2022 climate reporting cycle gets underway for the UK banks, Baringa has performed a benchmarking exercise and extracted the key themes and insights that are appearing.Read more