Providing smart, proactive solutions throughout a firm's journey to operational resilience
In the summer of 2018, in response to recent outages impacting the financial sector and growing cyber concerns, the Bank of England, the Prudential Regulation Authority and Financial Conduct Authority released a joint discussion paper titled Building the UK Financial Sector’s Operational Resilience. Additionally, in March 2019 the Monetary Authority of Singapore (MAS) published discussion papers on technology risk management and business continuity management.
Important to any financial institution in today’s environment of rapid change, operational resilience continues to be top of mind for industry executives and supervisory authorities around the world.
Why is it important?
- Dynamic landscape increases the risk of “extreme but plausible” events
- Impacts the stability of the financial system as well as the viability of firms
- Key focus area for the regulators Resilience events can increase risk and threaten growth
- Enhancing a firm’s resilience can create long-term competitive advantages and mitigate cost