Operational Resilience
Timeline for Delivery
The effective date that the rules come into force is 31 March 2022.
Conclusion
Operational Resilience is a journey and an iterative learning process. It is not to be underestimated and firms must build in sufficient time. They may have various assets within the organisation which they can leverage as a starting point.
There is a lot to be done by 31 March 2022 but not everything. Regulators expect mapping and testing of important business services to evolve and become more sophisticated over time. By 31 March 2022 firms must set out their gap analysis and self assessment identifying the major shortcomings and where more work is required. Regulators are expecting firms to have done this thoroughly.
Have you read our responses behind other key questions? You can view them by clicking on the links to the pages below:
- What is the regulators’ perspective on Operational Resilience?
- Which organisations are impacted by the Operational Resilience obligations?
- Why is this important now? – Key definitions explained
- How should firms be demonstrating compliance and approaching this exercise?
