Operational Resilience Series
BGBann_Playbook_Crisis Management

Regulatory Requirement for Operational Resilience

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

Today, as we exit the pandemic, the regulatory authorities are focusing on how effectively financial institutions (FIs) can prevent incidents from occurring and how FIs can recover from them in the shortest possible time.

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 by considering how disrupting their services 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 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

Logo_OR Regulatory Requirement_APRA

 

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)

  • Objective: The Guidelines on Business Continuity Management (BCM) set out the need for financial institutions to take an end-to-end service-centric view in ensuring the continuous delivery of critical business services to their customers.

jfsaFinancial Services Agency, The Japanese Government JFSA

 

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

  • OSFI (Canada) views operational resilience as an important 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


New call-to-action

More Information About Blended Learning OR-5000 [OR-5] or OR-300 [OR-3]

To learn more about the course and schedule, click the buttons below for the OR-3 Blended Learning OR-300 Operational Resilience Implementer course and the OR-5 Blended Learning OR-5000 Operational Resilience Expert Implementer course.

BL-OR-3 Register Now BL-OR-3_Tell Me More BL-OR-3_View Schedule
BL-OR-5_Register Now BL-OR-5_Tell Me More  [BL-OR] [3-4-5] View Schedule
[BL-OR] [3] FAQ OR-300

If you have any questions, click to contact us.Email to Sales Team [BCM Institute]

FAQ BL-OR-5 OR-5000
[BL-OR] [3] What is BL-OR-3 Course?

New call-to-action

[BL-OR] [3-4-5] What is BL-OR-5 Course?

Comments

 

More Posts

New Call-to-action