OPERATIONAL RESILLIENCE

INTRODUCTION TO

OPERATIONAL RESILIENCE

In March 2021, the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) in conjunction with the UK Regulator the Bank of England (BoE) released the statement of policy on Operational Resilience.

Operational Resilience assumes that things will go wrong and forces firms to plan on how to recover from the disruption. It’s a mindset shift. Rather than trying and controlling disruptions, the approach is to assume disruptions will happen and how to recover and comeback to normalcy from that state. Rather than just focusing on internal as to what could happen to the firm, it takes a wider view as to the impact on the eco system viz. market reputation, counter party, vendors, customers etc.

Watch this video by Mark Galloway, Global COO of Ironbridge Associates, UK where he talks about Mapping of Business Services as an important step in the Operational Resilience framework.

Watch this video by Chandran T, MLRO& CO,CE Office of Bank of India, UK where he talks about Impact Tolerance as an important step in the Operational Resilience framework.

Watch this video by Ichiro Hoshino, International Operations Planning Department of Mizuho Bank where he talks about Risk Management and Control as an important step in the Operational Resilience framework

Watch this video by John Santhosh, Founder, CEO of Gieom where he talks about Scenario Testing as an important step in the Operational Resilience framework.


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