COVID-19 and operational resilience in the financial sector

Regulators have been monitoring the operational resilience of financial services firms during the COVID-19 pandemic and the government restrictions consequently imposed.

In the near term, we see regulators looking at how firms refine their resilience plans in the coming months, how they approach the governance of their operational resilience and the quality of their crisis communications.

Longer-term, it is clear that the current circumstances will influence the direction of operational resilience regulation.

We believe the COVID-19 experience will validate the proposed UK regulatory approach that focuses on strengthening the resilience of important business services in the face of a wide range of severe but plausible scenarios.

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