Operational Resilience Series
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Regulatory Requirement for Operational Resilience

The increasing complexity of business operations and the potential for severe disruptions have prompted regulators worldwide to introduce specific requirements for operational resilience.

These regulations ensure organisations can withstand and recover from adverse events, protecting consumers and maintaining market stability.

It's important to note that these are just a few examples, and the regulatory landscape for operational resilience is evolving rapidly.

Organisations operating in multiple jurisdictions must navigate complex requirements to ensure compliance.

Understanding these regulations is crucial for organizations to build robust operational resilience programs and mitigate the risks associated with disruptions.

Moh Heng Goh
Operational Resilience Certified Planner-Specialist-Expert

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, considering how disrupting them 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 during operational disruptions.

Regulatory and Governance Requirements

These are some of the regulations that have been 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 regulator's URL 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

 Logo_OR Regulatory Requirement_APRA

 
Asian Regulators

Hong Kong Monetary Authority (31 May 2022)

 OR RR HKMA Regulatory Requirement Hong Kong Monetary Authority

New call-to-actionMonetary Authority of Singapore (6 June 2022)

  • Objective: The Guidelines on Business Continuity Management (BCM) require financial institutions to adopt an end-to-end service-centric approach to ensuring the continuous delivery of critical business services to their customers.

Financial Services Agency, The Japanese Government JFSA

 jfsa

 

Reserve Bank of India (RBI)

 Logo_OR Regulatory Requirement_RBI

 

Bangko Sentral Ng Pilipinas (BSP)

  OR BSP_Framework_SAQ Part 1 and 2

 

 

North America Regulators

Operational Resilience and Operational Risk Management - Draft guideline (2023)

  • OSFI (Canada) views operational resilience as an essential objective of operational risk management and believes that operational resilience encompasses several risk management practices and capabilities; these include articulating risk appetite and setting risk tolerances for operational risk; identifying and analyzing critical operations, interconnections, and interdependencies; using scenarios and testing to assess resilience capabilities; and preventing, responding, adapting, recovering and learning from operational disruptions.
  • Website: https://www.osfi-bsif.gc.ca/en/guidance/guidance-library/operational-resilience-operational-risk-management-draft-guideline-2023

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