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Regulatory Requirement for Operational Resilience

Operational resilience has been a priority for the regulatory community for years and even so as we experience the many disruptions due to COVID-19.

Today the regulatory authorities are focusing on how effectively financial institutions (FIs) can prevent incidents from occurring to how FIs can recover from them in the shortest possible time.

Moh Heng Goh

Regulatory Requirement for Operational Resilience

Operational Resilience Regulations

Changing Regulatory Attention to Operational Resilience


Operational resilience has been a priority for the regulatory community for years. Today, the regulatory focus is on how effectively financial service institutions (FSIs) can prevent incidents and how FSIs can recover from them in the shortest possible time.

The respective authorities are setting requirements, and expectations for financial institutions (FIs) to identify their critical or important business services by considering how disrupting the business services they provide can impact their consumers, the industry, and the overall economy.

Regulatory authorities expect organizations such as the FSIs to understand their vulnerabilities, and invest in protecting the end-users and themselves, their consumers, and the market, to preserve the public's interest and retain continuity of supply of products and services, even in events of operational disruptions.

Regulatory and Governance Requirements

These are some of the regulations published and are being circulated now.  Please click the icon on the right for the latest copy of the regulatory requirement.  However, if it is dated, please click the URL for the regulator and search for "Operational Resilience".

International Regulators

 

Basel Committee on Banking Supervision (BCBS)

OR RR BIS Regulatory Requirement BIS Basel Committee on Banking Supervision

Bank of England

OR RR BoE PRA Regulatory Requirement Prudential Regulation Authority Bank of England

Financial Conduct Authority (FCA)

OR RR BoE FCA Regulatory Requirement Financial Conduct Authority Bank of England

Central Bank of Ireland

OR RR CBI Regulatory Requirement Central Bank of Ireland

International Organization of Securities Commissions (IOSCO)

OR RR IOSCO Regulatory Requirement International Organization of Securities Commissions

European Commission

OR RR EC Regulatory Requirement European Commission

Federal Reserve System (FED)

OR RR FED Regulatory Requirement Federal Reserve System

Australian Prudential Regulation Authority

OR RR APRA Regulatory Requirement Australian Prudential Regulation Authority

Asian Regulators

 

Hong Kong Monetary Authority (31 May 2022)

OR RR HKMA Regulatory Requirement Hong Kong Monetary Authority

Monetary Authority of Singapore (6 June 2022)

OR RR MAS Regulatory Requirement Monetary Authority of Singapore

 

More Information About Blended Learning OR-300 [BL-OR-3]

Feel free to contact our course consultant colleagues to know more about our blended learning program and when the next course is scheduled.  They are the BL-OR-3 Blended Learning OR-300 Operational Resilience Implementer (Available in Oct 2022) and the BL-OR-5 Blended Learning OR-5000 Operational Resilience Expert Implementer (available in Jan 2023 onwards).

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