UK Operational Resilience for Financial Services - The Current Position

Introduction

During the COVID-19 pandemic in March 2021 the Bank of England (the ‘Bank’), Prudential Regulation Authority (‘PRA’) and the Financial Conduct Authority (‘FCA’) issued a joint policy paper on operational resilience.

This was followed by rules and guidance which came into force on 31 March 2022; and firms must have performed mapping and testing to show that they are able to remain within impact tolerances for each important business service by 31 March 2025 at the latest.

Operational resilience is particularly pertinent in a period where the risks of climate change are increasingly looming large, there is a challenging macro-economic environment with record high inflation and there are disruptive technologies challenging traditional business models.

This new virtual classroom seminar will provide some of the latest updates as well as some context and practical insight into the concept of operational resilience as it relates to financial services regulation.

It will set out a high-level roadmap to compliance for firms and consider the types of issues that have been arising and may arise in relation to operational resilience.

What You Will Learn

This live and interactive session will cover the following:

• An overview of the policy, rules, and guidance applicable in relation to operational resilience and the firms impacted in the UK
• The overarching roadmap to compliance relating to operational resilience for firms
• The broader international context of operational resilience - the European Union’s Digital Operational Resilience Act (‘DORA’) and the Federal Reserve Board, Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation consolidation exercise in the US
• Litigation and conduct risk by reference to recent and past decisions of the regulators

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.