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.
We have worked with a range of clients to improve their operational resilience across a variety of areas including operational resilience governance, definition of important business services and third party frameworks. Baringa’s deep expertise and experience provide a holistic approach to ensure your firm is able to withstand internal and external changes with minimal disruption.
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