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.
