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Operational Resilience and Third Party Risk Management 

What does it mean for you?

The disruption experienced across many business sectors over the last 18 months has been met with various operational challenges. While many firms have taken steps to minimise significant lasting impact, measures taken do not go far enough.

Over the next few weeks, our Senior Director and Regulatory Compliance Lead, Lindsey Domingo at Xcina Consulting, addresses key questions Boards and Senior Managers should be asking following the proposals and expectations set out by the FCA, PRA and Bank of England.

Our analysis focuses on the following:

The PRA, FCA and Bank of England have adopted a joint approach on Operational Resilience to improve the market as a whole.

Not all firms fall within the scope of the regulators’ policy statements. We outline the types of institutions. 

It is imperative for firms to improve controls and deliver better outcomes for customers and the market.  

Regulators are expecting firms to take a proactive approach and perform key steps.

Operational Resilience is a journey and an iterative learning process, firms must build in sufficient time.