Operational resilience has been thrust higher up the regulatory agenda over the last 12/18 months as firms and individuals alike have had to completely re-engineer the way they have operated through the Covid crisis. The financial services regulators have for some time now identified Operational Resilience as a cross-sector issue and it has been a key feature of their Business Plans for 20/21 and 21/22.
Interestingly the FCA/PRA and the Bank of England have co-ordinated their approach to this particular topic which will give people a view of the importance of this topic to all regulators, by issuing their Policy Statements at the end of Quarter One of 2021. The expectations as laid out in these policy statements are far reaching and shows firms that there is a lot of work to do to ensure that they are ready when the regulatory deadlines come round in 2022 and 2025. It is also not a coincidence that the PRA simultaneously issued its Policy Statement on Outsourcing/Third Party Risk Management. Outsourcing & Third Party Risk Management all being closely interlinked with Operational Resilience as firms are increasingly reliant on third parties when providing services.
Our aim in hosting this webinar is to provide a high level overview of the finalised operational resilience and outsourcing requirements on firms, covering the following key areas:
• Identification of important business services
• Setting impact tolerances
• Undertaking mapping and scenario testing exercises
• Outsourcing and third party risk management
For this interesting and very topical event, the Worksmart team have joined up with Xcina Consulting who are actively advising firms on these topics currently. Our Director of Regulation & Market Engagement – Julie Pardy will be joined by Lindsey Domingo – Senior Director, Regulatory Compliance at Xcina, to discuss and debate this interesting topic.