Operational Resilience Webinar: Tolerances

Join us for the fourth of our webinars on Operational Resilience as Kenneth Underhill looks in detail at the respective definitions of ‘Impact Tolerances’ and explores how firms should approach setting these across a multitude of scenarios aligned to their Important Business Services.

Operational Resilience Webinar: Tolerances

Date: 26th May at 11am on Zoom
Host: Kenneth Underhill

In their joint Policy Statements released 29th March, the PRA and FCA have now more closely aligned their definitions of Impact Tolerances. In this webinar, Kenneth Underhill will look in detail at the respective definitions of ‘Impact Tolerances’ and explore how firms should approach setting these across a multitude of scenarios aligned to their Important Business Services.

Attendees will be provided with:

A clear understanding of the PRA and FCA defintions of Impact Tolerance;
Guidance on setting appropriate metrics for Impact Tolerances across a range of scenarios;
Information on setting Impact Tolerances for scenarios where multiple IBS disruptions occur concurrently;
Our thoughts on dealing with Impact Tolerances at Group and Subsidiary company level and the necessary Board oversight.

Background

Operational resilience was identified as one the 5 key cross-sector pieces of work in the 2020/21 Business plan by the FCA. The importance of the work is perhaps emphasised by the fact that it is being co-ordinated across the FCA, PRA and Bank of England. In their Business Plan, the FCA say that their “aim is to set new requirements that strengthen operational resilience.”

Final Policy Statements were issued on 29th March 2021 and firms now have an initial deadline of 31st March 2022 within which to complete their initial programme of works.

This is the fourth in a series of webinars from ICSR on the subject of Operational Resilience. The previous webinars are available to watch on our YouTube channel or by using the links below.