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FOCUSED, COMPREHENSIVE, CONNECTED

Operational Resilience with Confidence

A purpose-built operational resilience software solution.
Building Operational Resilience – PS21/3 & PS6/21

The FCA and PRA have said:

 

“Operational disruptions and the unavailability of important business services have the potential to cause wide reaching harm to consumers and risk to market integrity, threaten the viability of firms and cause instability in the financial system.”

 

The FCA’s and PRA’s Building Operational Resilience Policy Statements 21/3 and PS6/21 underlined the need for firms to:

 

  • Identify important business services and determine appropriate impact tolerances.
  • Identify and document the necessary people, processes, technology, facilities and resources required to deliver the important business services.
  • Use scenarios and learning to determine if services are resilient against defined impact tolerances.

From the outset, we made a critical decision to create a solution with the FCA’s and PRA’s policy statements at its heart, instead of repurposing our existing risk management and business continuity solutions. Our Operational Resilience software solution’s out of the box functionality allows firms to prepare, detect, respond, recover and adapt to disruptions to important business services.

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Key Benefits

Focused

Translation of Building Operational Resilience PS21/3 five intervention steps to key solution design principles. Better able to prioritise areas of strategic and operational importance.

Comprehensive

Identify and map services, processes and resources. Set customer, firm and market impact tolerances. Define and test plausible disruption scenarios.

Connected

Connects to the wider IT ecosystem to enable the detection of resource vulnerabilities. Improved oversight of operational resilience.

Key Features
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PREPARE

Identify: Important business services and set customer, firm and market impact tolerances.

Map: Map processes and underlying resources to important business services.

Report: Provide aggregated dashboards and reports for service portfolios, services and resources.

DETECT

Assess: Purpose built rating method to determine the vulnerability and recoverability ratings for all services, processes and resources.

Scenario Testing: Identification and testing of plausible business scenarios that may lead to disruption. The ability to define scenario scope and record test results and supporting evidence.

RESPOND

Respond: Identify and monitor scenario mitigants: detect, respond, recover, adapt. Plan and execute service and/or resource based initiatives to improve overall resilience.

RECOVER AND ADAPT

Recover: Define and test resource based recovery plans. Determine and assign actions to responsible parties to address recovery plan deficiencies.

Adapt: Identification of resource alternatives where recovery of a resource is not achievable within defined impact tolerances.