Novia Financial is a mid-sized Wealth Management and Investment Platform provider based in Bath, England.
What was the main challenge?
Following the PRA and FCA's mandatory Operational Resilience implementation start deadline in March 2022, Novia Financial lacked the resource capacity and resilience expertise to deliver to the requirements within the timescale set.
Novia realised they needed expert external support to help create and deliver the new Operational Resilience framework on time and to the expectations set by the regulators.
They then contacted FourthLine’s Operational Resilience Consulting team to help them meet the deadline.
How FourthLine helped the client:
There were 2 parts to the engagement with FourthLine:
Phase 1: Identifying and defining their Important Business Services (IBS). Novia needed help with benchmarking the IBSs they selected with industry peers. They also needed FourthLine to do a quality assurance and industry standards check.
Phase 2 to 4: Once the IBSs had been confirmed and benchmarked, they asked the FourthLine team to assist with the IBS mapping, impact tolerance setting and scenario testing.
The Outcome:
With the help of the FourthLine Consultants, the Novia team managed to submit and obtain Board sign-off on the full Operational Resilience project before the March 2022 deadline.
Because FourthLine provided Novia with project planning tools, timelines, and templates, Novia’s stakeholders have been enabled to confidently manage their Operational Resilience project going forward as part of the roadmap to full compliance by 2025.