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:
Identifying Important Business Services
Operational Resilience Important Business Services Impact Tolerances
Operational Resilience Mapping
A J Bell
Allfund Bank
Altus
Baringa Partners LLP
Canada Life
Charles Stanley & Co Ltd
CMC Markets Investments Limited
CMS Cameron McKenna Nabarro Olswang LLP
Digital Moneybox
Equiniti Financial Services Limited
Ernst & Young
Evelyn Partners
Fidelity International
Financial Software
FNZ
Forester Life
GoHenry Limited
Hargreaves Lansdown
Interactive Investor
James Hambro & Partners LLP
JM Finn & Co
JPMorgan Asset Management
Killik & Co LLP
Kroll
Liontrust Asset Management
Lloyds Banking Group
LV=
Margetts Fund Management Ltd
MFS International (UK) Ltd
Nucleus Financial Group Limited
Ocorian
OneFamily
Pelicam Limited
Pinsent Masons LLP
Platform One Limited
Quilter PLC
Saxo Capital Markets UK Limited
Square 4 Partners Ltd
Sentinel Portfolio Management
SEI Investment (Europe) Ltd
Succession Advisory Services
T Rowe Price
T. Rowe Price UK Limited
Thesis Asset Management
Upvest Securities Ltd
Vanguard Asset Management Ltd
Worksmart Limited
Yealand
Phil Turnpenny, Policy Executive leads on this work
Chair: Steve Carr, LV
Deputy Chair: Salina Ladha, Baringa Partners LLP
