The transition from prudential to conduct risk. With deadlines as soon as March 2022, Operational Resilience must become a top regulatory priority.
A change in focus. But this doesn’t require a complete change in approach.
Regulators have increasingly turned towards a market and consumer harm lens in their current operational resiliency definitions, requiring firms to re-assess and expand upon existing frameworks, such as Business Continuity Management and Recovery & Resolution Planning. Firms need to revisit their present definitions of important & critical business services to ensure they include the expanded criteria as well as start designing their testing approaches to demonstrate compliance to new impact tolerances and plausible scenarios that could materialise into any form of external harm.
Important Business Services Mapping Accelerator
- Our proprietary IBS mapping tool has pre-defined meta-models and templates that can accelerate detailed documentation of IBS processes, assets, impact thresholds, dependencies and vulnerabilities.
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