FourthLine supported a UK Building Society with a Quality Assurance review and benchmarking for Operational Resilience.
The Building Society was well progressed with Operational Resilience work and approached FourthLine to conduct an extensive review of their project documentation and methodology used to identify Important Business Services(IBS).
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 Building Society had already varied out some initial Operational Resilience project work and approached FourthLine to conduct an extensive review of their initial project documentation and Important Business Service (IBS) identification
- We reviewed their methodology and rationale for Important Business Services inclusion and exclusion
- Our report contained comments and recommendations from FourthLine’s Operational Resilience subject matter experts
- We presented the report to the Executive Committee and the Board a few weeks later
The Outcome
After delivering on time, in scope and within budget, we were invited to extend our consulting engagement. We are currently taking the Building Society through their impact tolerance setting and scenario testing phases, intending to build a solid, compliant and robust Operational Resilience programme.
