As part of their Operational Resilience compliance programme, a well known UK Investment Platform completed the identification of their Important Business Services (IBS) and needed a third party to verify the methodology they applied to select the IBSs.
FourthLine Consulting supported the UK Investment Platform with an Enablement programme, followed by a Quality Assurance exercise.
Background:
On the 29th of March 2021, the FCA & PRA published their joint policy statements relating to Operational Resilience. This policy requires enhanced firms under the Senior Managers and Certification Regime (SM&CR) to comply with the requirements of this regulation by the 31st of March 2022.
How FourthLine helped the client:
- The Investment Platform had already decided on their Important Business Services(IBS) but wanted to check their methodology against the FourthLine approach
- FourthLine reviewed their product offerings and from the longlist of IBSs they identified previously, helped them to verify a definitive shortlist
- The next step is for FourthLine's Operational Resilience experts to take one of the shortlisted important business services through the full process of scoring, mapping, impact tolerance setting and scenario testing.
- This step is also used to establish the resources (Technology, Third Parties, Data, People & Facilities) that support the IBSs and to identify any Threats & Vulnerabilities that could impact these services and to ensure that the proposed Operational Resilience Framework will meet the regulators' expectations
- At the end of each Phase (Phase 1 - Identification of IBSs) of the Operational Resilience compliance programme, FourthLine will work with the business to produce an end-of-phase report that will be submitted to the client’s Executive Board for approval
The Outcome:
After showing the client how to correctly identify, score and set impact tolerances and scenarios, FourthLine will move into an advisory capacity for the rest of the client's IBSs and will conduct ongoing quality assurance for the rest of the project.How FourthLine can help:
FourthLine is working with several clients to help them achieve compliance and react to the challenges of the new Operational Resilience regulation, through a mixture of consulting and resourcing services.
We can offer full end-to-end project support, conduct quality assurance or help enable your own team through secondmends, training and toolkits.
You can get in touch here to find out more about our tailored and proportionate responses to Operational Resilience compliance.
For more Operational Resilience insights, go to our Operational Resilience micro-site.
Topics: Insurance Sector
