On 27th January 2022, the FCA, PRA and Bank of England held a joint webinar to outline findings and provide suggestions on how to manage the implementation of the policy before and after March 2022.
FourthLine Consulting attended the webinar and have produced a comprehensive report of what was discussed. Download your free copy here now
The agenda was as follows:
- Countdown to implementation - "What firms need to do by 31 March 2022, and regulator observations so far"
- Panel session – Q&A
- Summary and next steps
There were also illustrations of their stance on some of the key policy areas:
- “If you are unable to understand the depth of mapping required, that is a clear indicator that you will not remain inside impact tolerances”.
- “Thinking needs to change from how can we get our services back online to how can we ensure we never breach that tolerance”.
- “Provide sufficient, distinct rationale, including metrics. Some firms have included consumer research, whilst others did not provide any reasoning, or duplicate from other IBS which is simply not good enough”.
If you weren't able to join the live webinar session and would like to find out more, please download our report here>
FourthLine’s consultancy team, which is supporting a range of financial services firms in delivering Operational Resilience, feels our approach has been validated and is clearly aligned with both regulatory requirements and qualitative expectations of the FCA and PRA.
How FourthLine can help:
FourthLine is working with financial services clients to help them achieve compliance and react to the challenges of operational resilience, through a mixture of consulting and resourcing propositions.
Download our Operational Resilience Service Pack here>
