The need to plan and prepare for operational disruption within the financial services industry has never been more important. Historically, firms have focused on preventing disruption, but increasingly regulators, globally, are requiring firms to assume disruption will occur and have plans in place to ensure continuity of service.
In June 2018 the Prudential Regulation Authority (PRA), Financial Conduct Authority (FCA) and Bank of England (BoE) issued a joint discussion paper on operational resilience, supported by a set of Consultation Papers published in December 2019. Together the consultation papers apply to banks, building societies, investment firms, insurers, Recognised Investment Exchanges, electronic money and payment institutions, and Financial Market Infrastructures. The key requirements are consistent across the consultation papers; firms need to define and map their important business services, and understand the level of disruption they can withstand and still maintain continuity of service.
Watch our video series in partnership with Signavio as we explore the challenges around implementation of operational resilience plans.
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