A Must-See Digital Dialog For Anyone Implementing Operational Resilience Programmes In Financial Services

Hervé Geny
Mihaela Breg

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Digital Dialog Overview

Due to an increase in threats and the potential impact on customers and the financial system over the recent years, Operational Resilience has risen to the top of the regulatory agenda. Operational Resilience is defined by the supervisory authorities in the UK as the “ability of firms, financial market infrastructures (FMIs) and the system as a whole to prevent, adapt, respond to, recover and learn from operational disruption”. The recent intensification of regulatory focus builds on already established regulation relating to operational resilience, including Outsourcing and Third Party Risk Management, Operational Risk Management and Business Continuity planning.

Operational Resilience overlaps with operational risk framework and requires that financial institutions integrate the planning and assessment of Operational Resilience into corporate governance and strategic planning. With a highly inter-connected global financial system, the financial services industry must also be resilient to protect both individual consumers as well as the health of the financial system as a whole. This has become increasingly important as the industry faces up to the challenges posed by Covid-19.

Key Points

This digital dialog with the former Head of Internal Audit (London Stock Exchange Group) focuses on:

  • Understanding the benefits of Operational Resilience on mitigating harm to customers and promoting financial and market stability.
  • Reviewing the new regulatory requirements to strengthen Operational Resilience in financial services sector, published by the supervisory authorities in the UK.
  • Lessons learned on how firms have approached resilience in the current environment given the challenges posed by Covid-19.
  • Challenges and opportunities associated with the current technological changes.

In light of the upcoming publication of our Practical Guide on Operational Resilience, the goal of this discussion is to create a starting point and examine the objectives of implementing Operational Resilience programmes within financial institutions. Before you start your Operational Resilience journey in your organisation watch this insightful interview.
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    We are part of the Reply Group of companies specialised in Management Consulting Services for Financial Institutions. We accompany our Customers in defining and achieving their strategic business policies through the application of the latest business and distribution models, the evolution of operational processes and tools, and the design of new products and services. More and more often, this means embarking on a Digital Transformation journey. Innovation is in our DNA and represents a distinctive value and an accelerator that we offer to our Customers in order to improve their performance. We are a team of professionals with a diverse range of expertise, which encapsulates shared values: the passion for our work, creativity, dynamism and competence.