Operational Resilience is a major focus of global regulators under the auspices of the BIS BCBS Operational Resilience Group (ORG). The UK regulators set out their proposals in Consultation papers published in December 2019 and all firms affected are now considering how to meet the new requirements (which were originally due to be published in 2H 2020 and take effect in 2H 2021). Operational Resilience is an outcome and firms should leverage, to the extent possible, their existing frameworks (especially operational risk management) and tools to deliver the desired regulatory outcomes.
There is evidence that having transitioned into crisis management mode to deal with COVID-19, many firms are now focusing attention on Operational Resilience and this is certain to be an even greater focus of global regulators.
We have recently established The JADEtc. Partnership to provide consulting support and training on Operational Resilience and Operational Risk. We have almost 100 years of practical experience gained at the regulator, in large financial institutions and in consulting between us. We recently led a 1-day Masterclass in operational resilience at the New Generation Operational Risk Conference for the IOR and spoke on operational risk at the main conference. Between us we have the experiences and skills to support your journey to operational resilience.