Regulatory Timeline: Operational Resilience
Regulator: FCA, PRA and Bank of England
In July 2018, the Bank of England, PRA and FCA released a joint Discussion Paper titled “Building the UK financial sector’s operational resilience.” The Bank of England, FCA and PRA have now issued their responses to feedback and Policy Statements. Firms have until 31st March 2022 to identify their important business services, set impact tolerances for the maximum tolerable disruption and carry out mapping and testing to a level of sophistication necessary to do so. Firms must also have identified any vulnerabilities in their operational resilience.
This timeline provides key dates in the regulatory calendar and links to ICSR articles and webinars on the subject. If you would like to discuss any aspects of Operational Resilience, please contact us.
Discussion Paper released
Building the UK financial sector’s operational resilience
- Bank of England DP01/18
- Prudential Regulation Authority (PRA) DP01/18
- Financial Conduct Authority (FCA) DP18/04
Discussion period closes
The deadline for firms to submit their representations to the regulator.
Consultation Papers Published
The Bank of England (the Bank), Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have published a shared policy summary and co-ordinated consultation papers (CPs) on new requirements to strengthen operational resilience in the financial services sector.
ICSR Article: Coronavirus – The Long And The Short Of It
ICSR Director Kenneth Underhill considers the operational resilience implications of the coronavirus pandemic.
ICSR webinar - Introduction to Operational Resilience
ICSR Director Kenneth Underhill provides an overview of Operational Resilience.
ICSR webinar - Technology and Operational Resilience
A webinar on Technology and Operational Resilience.
Consultation Period closes
Consultation period for CP19/32 closes. The original date of 3rd April 2020 has been extended to 1st October 2020 due to the coronavirus pandemic.
ICSR webinar - Service and Activity Mapping
Webinar: Operational Resilience: Service and Activity Mapping with Kenneth Underhill
ICSR Article: Mapping Important Business Services: When Does A Service Finish?
ICSR Director Kenneth Underhill considers questions about mapping claims and at what point in the service delivery process does the requirement for mapping cease.
FCA Policy Statement
The FCA have published their Policy Statement
PRA Policy Statement PS6/21
The PRA have published their Policy Statement
ICSR Article: Operational Resilience – A Regulatory Double-Header
ICSR Director Kenneth Underhill looks at the approach to Operational Resilience adopted by the PRA and FCA in their co-ordinated Policy Statements.
ICSR webinar - Impact Tolerances
Webinar: Operational Resilience: Impact Tolerances with Kenneth Underhill
Deadline for compliance with the Policy Statement requirements.
“By 31 March 2022, firms must have identified their important business services, set impact tolerances for the maximum tolerable disruption and carried out mapping and testing to a level of sophistication necessary to do so. Firms must also have identified any vulnerabilities in their operational resilience.”