Operational Resilience: The Self-Assessment
Several significant drivers have led to demands from regulators for firms to build greater resilience into their delivery model. The measures firms take will evolve, but should enable continuation of important business services impacting clients and the wider market and help to effectively address the issues and challenges caused by disruptive events.
The final chapter in our series on Operational Resilience focuses on the requirements for a documented Self-Assessment, which should capture the steps taken and methodologies used, as well as the action plans to remediate any vulnerabilities.
How should firms be preparing themselves?
Firms may be at different stages of operational resilience maturity and readiness. In-scope firms need to take practical steps to demonstrate their readiness. They should have:
Is your firm ready?
The Self-Assessment articulates the firm’s resilience journey and how they have achieved compliance with the requirements.
Nine key requirements are outlined, from identifying important business services to the firm’s communications strategy.
We look at who in the firm holds accountability for this exercise as well as justifications and preparation of evidence.
The structure of the Self-Assessment document is at each firm’s discretion. We highlight key elements to consider.
Our previous editions discuss the other requirements which can be accessed below:
Operational Resilience Regulations
Will your organisation benefit from support with risk and regulatory compliance challenges?
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