In line with their promise to deliver a Policy Statement for Operational Resilience by the end of Q1 2021, the FCA and PRA hit a buzzer-beating submission with their outputs this morning.
The Policy Statement itself does not diverge significantly from what was already published in draft in their previous Consultation Paper. However, the use of expanded examples and a number of clarifications are extremely helpful for the reader to continue to understand the regulators’ expectations in this area.
There were two more material changes within the Policy Statement, these being:
With the Operational Resilience Policy Statement now out, delivery can fully begin on a no-regrets basis.
For further information, FourthLine have prepared an Operational Resilience insights pack that you can download here>