On 12 January 2022, the Prudential Regulation Authority (PRA) sent Dear CEO letters to, Insurance Firms, Deposit Takers and International Banks active in the UK, setting out its supervisory priorities for 2022.
In all 3 letters, the regulator confirmed that enhancing Operational Resilience within the financial sector remains a strategic priority.
By March 2022 the PRA expect in-scope firms to have:
- Identified their important business services (IBS)
- Set impact tolerances for the maximum tolerable disruption
- Carried out mapping and testing to an appropriate level of sophistication
- Identified any vulnerabilities in their resilience
- Completed a self-assessment document outlining their current state of resilience
As the final countdown begins for the PRA's first deadline at the end of March, some firms are still getting to grips with operational resilience and some are not making enough progress with their programmes to achieve compliance by the deadline.
Are you ready for the first deadline? If you need help, FourthLine has a team of expert consultants that can help you implement your operational resilience framework in time.
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.
You can get in touch here to find out more about our tailored and proportionate responses to Operational Resilience compliance.
For further guidance, download our Operational Resilience mini-deck about mapping important business services here>
