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: 

• Help firms understand and implement in their businesses
• Develop and publish industry good practice guides
• Share progress with FCA/Bank as appropriate

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

ACOLIN Fund Services AG
Acuant
Aegon UK PLC
Baringa Partners LLP
Bovill Limited
Brewin Dolphin Ltd
Charles Stanley & Co Ltd
CMC Markets Investments Limited
CMS Cameron McKenna Nabarro Olswang LLP
Embark Platform (Trading name of Embark Investment Services Ltd)
Ernst & Young
Fidelity International
FNZ
Hogan Lovells International LLP
JM Finn & Co
JPMorgan Asset Management
JTC Group
Killik & Co LLP
LGT Vestra

Lloyds Banking Group
LV=
Model Office
OneFamily
Optima Consulting Partners Limited
Pinsent Masons LLP
Platform One Limited
Prudential
Quilter (formerly Old Mutual Wealth)
Quilter PLC
Revolut Ltd
SEI Investment (Europe) Ltd
Succession Advisory Services
T Rowe Price
T. Rowe Price UK Limited
Taylor Wessing
Thesis Asset Management
Tilney
Winterflood Securities Limited
Worksmart Limited

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

Chair: Tara Kenny, LBG

Deputy Chair: James Wharton, Winterflood

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

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