Help firms implement requirements and develop industry standards/good practice guide
The supervisory authorities published Consultation Papers which signalled their intention to introduce a stronger regulatory framework to boost operational resilience of firms and financial market infrastructures (FMIs) and formulated a set of key actions that need to be taken in order to effectively prepare for and reduce expected disruption.
The global pandemic and its impact on financial services firms and their customers has further demonstrated the importance of operational resilience. As we move through this crisis, key lessons for the future can be learned by the financial services industry from encountered service disruptions which can support the reinforcement of resilience and minimise the impact on firms and their customers in the future. It is critical for financial services firms to ensure that their business develops the capabilities to counter operational incidents that could put their organisation at reputational risk.
In order to protect customers and mitigate risk firms should be focused on:
• Key priorities of the supervisory authorities.
• Where resources should be focused in order to prepare effectively for expected disruption.
• How to identify and mitigate risks to operational resilience, including outsourcing and third-party risk management.
• Scenario testing, incident response planning, training and management oversight.
Identifying Important Business Services
Operational Resilience Important Business Services Impact Tolerances
Operational Resilience Mapping
Operational Resilience Governance Guide
Operational Resilience Self-Assessment Guide
Aegon UK PLC
Ashurst Risk Advisory LLP
Baringa Partners LLP
Charles Stanley & Co Ltd
CMC Markets Investments Limited
CMS Cameron McKenna Nabarro Olswang LLP
Ernst & Young
JM Finn & Co
JPMorgan Asset Management
Killik & Co LLP
Liontrust Asset Management
Lloyds Banking Group
MFS International (UK) Ltd
Optima Consulting Partners Limited
Pinsent Masons LLP
Platform One Limited
Quilter (formerly Old Mutual Wealth)
RBC Brewin Dolphin
Saxo Capital Markets UK Limited
SEI Investment (Europe) Ltd
Succession Advisory Services
T Rowe Price
T. Rowe Price UK Limited
Thesis Asset Management
Winterflood Securities Limited
Jeffrey Mushens, Technical Policy Director leads on this work at TISA
Chair: James Wharton, Winterflood
Deputy Chair: Salina Ladha, Baringa Partners LLP