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Time to Thrive
Within a few months of the publication of the joint PRA and FCA Consultation Papers on Operational Resilience at the end of 2019, financial services organisations faced some of the most challenging circumstances in recent memory. Although the specific events of the COVID-19 pandemic could not have been predicted, it was precisely scenarios of this magnitude and severity that the Consultation Papers were designed to address, underscoring the urgency for a regulatory framework to enhance the sectors operational resilience in the face of severe but plausible disruptions.
With the first milestone on this journey to enhance operational resilience rapidly approaching, in March 2022, we have taken a moment to pause and reflect on what we have learned so far and have summarised this in our latest publication: ‘Time to Thrive’. The aim of this document is to help organisations on the journey and to enable them assess and validate their approach.
In this document, we build on our 2019 publication ‘Time to Flourish’. The document focusses on the five key steps needed to build Operational Resilience:
- Identify Important Business Services;
- Map Important Business Services;
- Set Impact Tolerances;
- Perform Scenario Stress-Testing;
- Document a Self-Assessment
We provide tips and techniques that organisations can use to enhance their Operational Resilience and distil complex subjects into clear, actionable guidance to support their existing approach. We also share our observations on some of the common pitfalls that we have seen on the journey to date.
Find out how we can help your organisation
As long-term leaders and pioneers in resilience and crisis management over the last 10 years, we have a unique depth and breadth of expertise. This makes us exceptionally well placed to help firms and FMIs understand the complexities and nuances involved in building operational resilience.
If you would like to discuss any of the issues or opportunities raised in this report, get in touch with one of our team.