Assisting Client With Project Delivering PRA and FCA Operational Resilience Requirements
The Client’s Needs
The client was a large multi-national insurer with company and Lloyd’s syndicate platforms as well as other regulated entities which required assistance with its’ project to comply with the PRA and FCA proposed requirements for Operational Resilience.
ICSR were asked to help provide advice and support with the project by providing the technical advice on what was required to comply.
ICSR was initially involved in discussing and assisting in the framing of their expected Operational Resilience project and then engaged in the process of identifying and mapping the Important Business Services as the first full phase of the project. Future phases of the project will involve the defining of impact tolerances, establishing the gap delta between the tolerances and current status, closing those gaps, creating and testing the scenarios and creating the governance and oversight of Operational Resilience.
A director of ICSR together with one of the Senior Members of the Talent Pool with experience in risk and operations.
The client was able to establish the expected impact of requirements for Operational Resilience within the many legal entities and commence its project to meet or exceed the regulatory requirements in time. With the Important Business Services defined and mapped the client will with ICSR’s assistance be able to progress to ensuring that it has in place the ability to ensure that the Tolerances are appropriately defined and monitored within its Governance model for all the relevant businesses and legal entities it operates.