Much before the COVID-19 pandemic, regulators were already focusing substantially on regulations and reporting standards to ensure compliance by the board and senior management, delivering a determined level of operational resilience.
In the UK, the Bank of England (BoE), the Financial Conduct Authority (FCA), and the Prudential Regulation Authority ( PRA) published a joint discussion paper on Operational Resilience in 2018 followed by a joint consultation paper in 2019 with the primary objective of promoting the operational resilience of firms and financial market infrastructures (FMIs). Similar efforts were made by regulators in other jurisdictions. In the European Union, draft legislation, Digital Operational Resilience Act (DORA), was published in 2020.
In the U.S., federal bank regulatory agencies released a paper in October 2020 outlining sound practices for large banks to help them enhance operational resilience.
Given the continued market focus on this subject, this eBook aims to present prevailing views from across industry professionals and consultants. It explores what operational resilience really means in practice and how organizations can gain a view and report to the board, investors, and regulators in an agile and meaningful fashion to attest to their “State of Operational Resilience”.