UK Operational Resilience for Financial Services - Top Tips for Practical Implementation

Introduction

Amid the COVID-19 pandemic in March 2021, the Bank of England (the ‘Bank’), Prudential Regulation Authority (‘PRA’) and the Financial Conduct Authority (‘FCA’) issued a joint policy paper on operational resilience.

This was followed by rules and guidance which came into force on 31 March 2022.

Regulated firms should have commenced implementing those operational resilience rules by now and must have performed mapping and testing to show that they are able to remain within impact tolerances for each important business service by 31 March 2025 at the latest.

The Operational Resilience Rules contained in the PRA Rulebook and FCA Handbook are relatively high level, albeit that there are some details in the relevant guidelines included with those statutory instruments.

Further, as with many financial services regulatory rules, the expectation from the regulators is that firms should and will implement the operational resilience rules in accordance with the size, nature and complexity of their businesses.

The purpose of this short webinar is to provide some practical hints and tips about how firms might go about implementing the operational resilience rules.

What You Will Learn

This short webinar will cover the following:

• General practical tips that may assist with implementation of the operational resilience rules
• The divisions and/or departments in a firm that may be involved in operational resilience implementation
• Pragmatic hints about the chronology or ordering of implementation steps for the purposes of the operational resilience rules, with a view to making the process smoother and less disruptive for firms
• The types of documentation and/or the contents of the same in respect to implementing the operational resilience requirements that firms might wish to consider producing, e.g. in respect of firms’ self assessment for operational resilience purposes

This pre-recorded webinar will be available to view from Thursday 13th February 2025

Alternatively, you can gain access to this webinar and 1,700+ others via the MBL Webinar Subscription. Please email webinarsubscription@mblseminars.com for more details.