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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.
Goal/s:
• Help firms understand and implement in their businesses
• Develop and publish industry good practice guides
• Share progress with FCA/Bank as appropriate
Identifying Important Business Services
Operational Resilience Important Business Services Impact Tolerances
Operational Resilience Mapping
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
