The last two years have illustrated the importance for financial services and insurance firms to invest in operational resilience to protect themselves, their consumers, and the financial system from disruption. Disruption can happen at any time and we should assume that it will occur.
Before the pandemic, the UK’s Financial Conduct Authority (FCA), the Bank of England’s Prudential Regulation Authority (PRA) recognized the increasing challenges financial services firms faced in managing operational disruption. They initiated rules listed as a Statement of Policy – Operational Resilience, March 2021 to ensure the ability of the UK financial system to “prevent, adapt, respond to, recover and learn from operational disruptions.”
While the Statement of Policy applies to UK-based banks, insurers, and e-money providers, it offers pragmatic advice to any regulated organization (and 3rd party vendors providing services to regulated firms!) on how to improve business resilience.
Download our Operational Resilience Checklist to assess your readiness!