Operational Resilience - ZISHI

Operational Resilience

Join us for this 2.5 hour workshop to ensure you can demonstrate you understand the requirements of the regulator, answer their questions and can evidence an operational resilience operating model alive and kicking in your business.

CPD:

2.5 CPD Hours

operational-resilience

Course available in-house:

Yes

Price per person (Ex. VAT): £375 2 hours 30 minutes

COURSE OVERVIEW

We always think we have longer to implement rules than we actually do.

In March 2021, the Regulators published their final rules and policy on operational resilience.

The rules apply to banks, building societies, PRA-designated investment firms, insurers, Recognised Investment Exchanges, Enhanced scope Senior Managers and Certification Regime firms, and entities authorised and registered under the Payment Services Regulations 2017 and Electronic Money Regulations 2011 – so huge numbers of firms are affected.

In financial services we always think that we have longer than we do to implement the rules, but by 31 March 2022 you will need to have:

  • Identified your important business services that, if disrupted, could cause intolerable harm to consumers or risk to market integrity, threaten the viability of firms or cause instability in the financial system
  • Set impact tolerances for the maximum tolerable disruption to these services
  • Carried out mapping and testing necessary to identify important business services, set impact tolerances and identify any vulnerabilities in its operational resilience
  • Conducted lessons learnt exercises to identify, prioritise, and invest in your ability to respond and recover from disruptions as effectively as possible
  • Developed internal and external communications plans for when important business services are disrupted
  • Prepared self-assessment documentation

And as soon as reasonably practicable after 31 March 2022 and no later than 31 March 2025, you will need to have:

Performed mapping and testing so that you are able to remain within impact tolerances for each important business service
Made the necessary investments to enable you to operate consistently within your impact tolerance.

The impact of Covid has meant a heightened focus on operational resilience moving the question asking from “What would you do if?” to “How did you do when?

Every firm in scope of the rules needs to manage the real risks posed by their own operating model and work diligently to ensure all consumer outcomes are being satisfied. Risks are varied and depend on the type of firm but issues that concern the regulator such as staff supervision, complaints handling and treating customer fairly KPI’s are very much of interest to the FCA – just look at the number of surveys they have sent to firms for completion. If you were an FCA supervisor looking at your portfolio of firms with Senior Managers still grappling with their statements of responsibility (SORs) and the hot topic of operational resilience and the potential for consumer detriment during these challenging times, who would you want to talk to in a firm and what would you want to know?

The response by firms to the risks created by the Covid impact has been the greatest test of operational resilience imaginable.

Join us for this 2.5 hour workshop to ensure you can demonstrate you understand the requirements of the regulator, answer their questions and can evidence an operational resilience operating model alive and kicking in your business.

If you have any questions about this course, please feel free to get in touch via email on info@thezishi.com or by calling +44 (0)204 551 8568 (please choose option 2).

Join us for this 2.5 hour workshop to ensure you can demonstrate you understand the requirements of the regulator, answer their questions and can evidence an operational resilience operating model alive and kicking in your business.

CPD:

2.5 CPD Hours

operational-resilience

Course available in-house:

Yes

Price per person (Ex. VAT): £375 2 hours 30 minutes

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