Several Key Policies Take Effect March 31, 2022 On March 29, 2021, the Bank of England (BoE), the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) issued a series of policy statements to both refine and finalise their approach to operational resilience for financial services firms. Almost concurrent with the release of the policy statements, the Basel Committee on Banking Supervision (BCBS) issued its principles for operational resilience. The U.K. regulatory authorities’ policy statements, which follow a July 2018 discussion paper and a December 2019 string of...
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Like any enterprise-wide organisational change, implementing an operational resilience programme across an organisation requires a careful and collaborative effort to be successful. Whether implementation has been in the works for several years or is just beginning, turning the resilience programme from concept to reality is hard work. Except for the most dynamic and change-oriented organisations, not all employees or managers will welcome the resilience programme with open arms. Some resistance is natural, at least initially, given the potentially broad impact on culture (often entrenched at...