With the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) having released their Operational Resilience and Outsourcing & Third-Party Risk Management (O&TPRM) Policy and Supervisory Statements, the Basel Committee quickly overlaid this with their Principles for the sound management of operational risk (PSMOR) and for Operational Resilience.
As the focus by regulators globally shifts further towards ensuring the robustness of firms, FourthLine has published insights decks to provide relevant information for firms looking to either get started or to seek to benchmark their current frameworks against regulatory requirements.
In this insights document, Fourthline has set out a summary of how it sees an O&TPRM framework operating within firms and poses considerations that Senior Managers, Operations and Risk teams may want to take into account when attempting to address or assess their own O&TPRM structures.
Download our Outsourcing & 3rd Party Risk Management Insight Deck here>
For a more detailed conversation around your Operational Resilience requirements and support in both establishing and reviewing your project or programme, feel free to book time with Daniel Waltham, FourthLine’s Risk Director here>