Title: Operational Resilience: The consultations papers and beyondOperational
Date: 19th December 2019
Time: 11am (GMT)
Duration: 1 hour
On Thursday 5th December the UK authorities published their long-awaited operational resilience consultation papers. The proposals further develop many of the concepts originally put forward in the 2018 joint discussion paper and represent a clear statement of intent by the Bank of England, Prudential Regulation Authority (PRA) and Financial Conduct Authority as to what is expected of firms going forward. Firms that fail to recognise and respond to this message will be held to account by their supervisors, customers and clients.
Three papers addressing operational resilience were published, each laying out the authorities’ expectation that firms understand their vulnerabilities, and take active steps to protect firms, consumers and the market from an operational disruption. Banks, building societies, PRA designated investment firms, Solvency II firms, Recognised Investment Exchanges, Enhanced scope Senior Managers & Certification Regime firms, entities authorised or registered under the Payment Services Regulations 2017 (PSRs 2017), and Electronic Money Regulations 2011 are all in scope of what is a determined effort by the UK’s regulatory authorities to put operational resilience considerations at the forefront of firms’ investment decisions.
Navigating these proposals and understanding how they fit within existing frameworks will be challenging. Join UK Finance and EY as we unpack the consultations and delve into what’s driving them, what it means for you, and how you can best prepare your firm for what’s coming.
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