Blog

Operational Resilience - The criticality of setting appropriate Impact Tolerances

Last week, around 500 Tesla owners were unable to connect and unlock their vehicles, causing lost hours for many users. Were people left outside in the cold, others unable to go to work or even worse get to the hospital?

Did Elon Musk ever consider this scenario?  Do Tesla think about intolerable harm?  Did they consider Impact Tolerances for customer disruption?

The Tesla scenario is one of many high profile outages from recent weeks (e.g. Santander, Virgin media) and demonstrates  the importance of setting the correct impact tolerance.

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New Insight Deck | Defining Important Business Services (IBS)

Most in-scope financial services firms are on their way to implementing the regulatory requirements for Operational Resilience, in readiness for the March 2022 deadline.

Topics: Featured, Risk Management, Insurance, Professional Services, Flexible, SMCR, Learning, operational resilience, Third Party Risk Management

November 10, 2021
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The importance of collating all Business Units into your Operational Resilience plan

With the PRA and FCA's Operational Resilience compliance deadline now less than 5 months away, most in-scope firms are well on the way to building their own Operational Resilience resources and ...

Topics: Featured, Risk Management, Insurance, Banking, Professional Services, Flexible, Talent Solutions, operational resilience

November 9, 2021
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Operational Resilience | What's the  impact on 3rd party suppliers?

In March this year, the FCA (Financial Conduct Authority) and Prudential Regulatory Authority (PRA) launched joint policies for Operational Resilience. The PRA released an accompanying supervisory ...

Topics: Featured, Risk Management, Insurance, SMCR, Learning, operational resilience, Third Party Risk Management

October 25, 2021
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Operational Resilience - The key business benefits and challenges

The pandemic demonstrated the importance of ensuring that resilience is now an integral part of supporting organisations and customers, not just during a crisis, but continuously, through all the ...

Topics: Featured, Risk Management, Insurance, Professional Services, Flexible, SMCR, Learning, operational resilience, Third Party Risk Management

October 18, 2021
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Operational Resilience | Important Business Services Identification (IBS) - Challenges and Lessons Learnt

Most dual-regulated and SMCR enhanced firms have made progress with operational resilience. However, we’ve found that inertia arises frequently when identifying Important Business Services (IBS). ...

Topics: Featured, Risk Management, Insurance, Professional Services, Flexible, SMCR, Learning, operational resilience, Third Party Risk Management

September 20, 2021
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Investment platforms receive Operational Resilience 'Dear CEO' letter

On 26 July, the Financial Conduct Authority (FCA) sent a Dear CEO letter to Investment Platforms, setting out reminders of their expectations for Operational Resilience.

Topics: Featured, Risk Management, Insurance, Professional Services, Flexible, SMCR, Learning, operational resilience, Third Party Risk Management

August 6, 2021
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New Workshop for Insurance Firms: Outsourcing & Third-party Risk Management

The deadline for compliance to the Prudential Regulation Authority's (PRA)  Outsourcing & Third-Party Risk Management policy is the 31st of March 2022. The PRA’s Outsourcing & Third-Party ...

Topics: Featured, Risk Management, Insurance, Professional Services, Flexible, SMCR, Learning, operational resilience, Third Party Risk Management

June 30, 2021
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Operational Resilience - 52% of Firms not getting Board Buy-In

With the FCA and PRA's deadline now defined for Financial Services firms to comply with the new Operational Resilience Policy Statement, financial services firms are indicating that they struggle to ...

Topics: Featured, Risk Management, Insurance, Banking, Flexible, Talent Solutions, operational resilience

June 17, 2021
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