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Operational Resilience requirements are changing: It’s time to reinvent your solutions and approach

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In 2020 global regulators ‘encouraged’ financial institutions to revisit and enhance their operational resilience strategies; the 2021 stance is expected to be more demanding. Even prior to the pandemic, financial institutions found themselves increasingly susceptible to resiliency related failures, often stemming from digitisation efforts being accelerated without adequate focus on preserving resiliency. The result – IT breakdowns, cyber-attacks, and migration failures became ever more common place, demanding urgent interference from regulators to limit the impact of such events to institutions and customers alike, in the future.