In my last blog, I discussed a few external indicators that should be considered in the transition period in order to build a mature view of resilience.
In this blog, I also highlight a few internal factors that in-scope financial service firms should consider.
Since the regulators published their Operational Resilience policy statement back in March 2021, financial service firms have spent a lot of time and resource on developing a framework and creating a self-assessment document to present to the regulators if requested.
However, most of the work still lies ahead. Firms are now in the Operational Resilience ‘transition period’, which runs until 31 March 2025 and the actions that firms take during this period will be critical to achieving resilience.
Maintaining the momentum they built during the last year will be critical. Firms will face many internal and external challenges while building and embedding their resilience programme over the next three years.
Here are a few internal factors that should be considered in the transition period in order to build a mature view of operational resilience.
Significant, long-term time and resource investment remain for in-scope firms, especially engaging with third-party providers that support the delivery of important business services and building robust scenario testing programmes that can demonstrate the progress they are making in enhancing their resilience.
FourthLine is working with a number of financial service firms to help them with Operational Resilience enablement and Outsourcing and Third-Party Risk Management(OTPRM), through a mixture of consulting, managed service and resourcing options.
To speak to us about how we can help your firm with your Operational Resilience or OTPRM programme, click here>
To read our Operational Resilience Technical paper, click here>
To read our new OTPRM Technical paper, click here>