Ability of financial services firms to prevent, respond to, recover from operational disruptions.
Operational resilience is the regulatory framework requiring financial services firms to identify important business services, set impact tolerances, map dependencies, and ensure ability to remain within tolerances during disruptions. UK regulators (FCA/PRA) implemented operational resilience requirements effective 2022. Firms must test resilience, manage third-party risks, and demonstrate ability to continue services during severe disruptions including cyber attacks.
Why It Matters
The DSC Perspective:
Operational resilience is mandatory for regulated financial firms. Requirements extend to important third-party providers. If you supply to financial services, expect scrutiny of your resilience capabilities.