However, even before the current pandemic, both the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) had signalled their intentions to seek significant uplifts and visibility across operational resilience frameworks in regulated firms.
Defining operational resilience as "the ability of firms and the financial system to absorb and adapt to shocks, rather than contribute to them", the regulators set out initial expectations in a discussion paper.
This was subsequently complemented by a shared policy summary with the Bank of England (BoE) and coordinated Consultation Papers on impact tolerances for important business services.
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