Audio Transcript

The last couple of years have been quite a challenge, for all of us. Extra challenges require an extra guidance, and this is the path UK regulators want to follow. The aim is to secure the industry, safeguarding the consumers and their right to access to bank and investment services. And this, comes at the right moment.

Operational Resilience addresses firms and their ability to remain operative, even during disruptions and severe outbreaks. In the recent years unavailability of services related to cyber-attacks, lack of availability in supply chain or technology, or even terrorism or political unrest have increased exponentially. Hence, its importance can now be considered on a par with Financial Resilience, considered for several years as a cornerstone for proper business management. Well, now, Operational Resilience is on the edge and regulators want the industry to be ready. And is something not only related to the UK, regulators from all over the world are addressing this topic.

Other countries and institutions have already issued similar guidelines and principles: Singapore, the US, the European Union and also the Basel Committee on Banking Supervision. We should look out for further developments.
I’d like to point out also the importance for those involved, that having third party arrangements does not absolve them form the responsibility of having an effective and functional Operational Resilience plan. In fact, the board or the responsible manager/director, remain fully accountable for complying with the regulatory obligations set by the regulators. It is necessary to check whether the provider can assure an acceptable level of tolerance within the thresholds set by the firm. Firms have to gain assurance that outsourcing would not create interruptions to their important business services.

This is not an easy task, however we, as a provider, have already put in place recovery measures in the past years. Having done such, we can guarantee our clients their business continuity, providing the correct level of services to their clients.
Operational Resilience is coming, the first deadline is set on April 2022, prepare your plan and test your systems!