Operational Resilience Working Group

Help firms implement requirements and develop industry standards/good practice guide

Industry challenge

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.

Group purpose

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.

Areas of focus

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.

Group strategy

Goal/s: 

Guides

Identifying Important Business Services

Operational Resilience Important Business Services Impact Tolerances

Operational Resilience Mapping

Operational Resilience Governance Guide

Operational Resilience Self-Assessment Guide

Participating member firms

Aegon UK PLC
Ashurst Risk Advisory LLP
Baringa Partners LLP
Bovill Limited
Canada Life
Charles Stanley & Co Ltd
CMC Markets Investments Limited
CMS Cameron McKenna Nabarro Olswang LLP
Digital Moneybox
Equiniti Financial Services Limited (EFSL)
Ernst & Young
Evelyn Partners
Fidelity International
Financial Software
FNZ
Forester Life
Gladius Assurance
Hargreaves Lansdown
Interactive Brokers (U.K.) Limited
Impax
JM Finn & Co
JPMorgan Asset Management
Killik & Co LLP

Liontrust Asset Management
Lloyds Banking Group
LV=
MFS International (UK) Ltd
Model Office
OneFamily
Optima Consulting Partners Limited
Pinsent Masons LLP
Platform One Limited
Prudential
Quilter (formerly Old Mutual Wealth)
Quilter PLC
RBC Brewin Dolphin
Saxo Capital Markets UK Limited
Simplify Consulting
SEI Investment (Europe) Ltd
Succession Advisory Services
T Rowe Price
T. Rowe Price UK Limited
Taylor Wessing
Thesis Asset Management
Worksmart Limited
Yealand

Jeffrey Mushens, Technical Policy Director leads on this work at TISA

Chair: James Wharton, Winterflood

Deputy Chair: Salina Ladha, Baringa Partners LLP

If you are a TISA member who would like to get involved with the Operational Resilience work, please get in touch

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