Regulatory Timeline: Operational Resilience

Status: Ongoing
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.

Back to Regulatory Timeline: Overview

5th July 2018

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

Read Discussion Paper

5th October 2018

Discussion period closes

The deadline for firms to submit their representations to the regulator.

5th December 2019

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.

Read FCA Consultation Paper

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29th April 2020

ICSR Article: Coronavirus – The Long And The Short Of It

Coronavirus pandemic

 

 

 

ICSR Director Kenneth Underhill considers the operational resilience implications of the coronavirus pandemic.

Read Article

4th June 2020

ICSR webinar - Introduction to Operational Resilience

ICSR Director Kenneth Underhill provides an overview of Operational Resilience.

16th July 2020

ICSR webinar - Technology and Operational Resilience

A webinar on Technology and Operational Resilience.

1st October 2020

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.

8th October 2020

ICSR webinar - Service and Activity Mapping

Webinar: Operational Resilience: Service and Activity Mapping with Kenneth Underhill

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12th November 2020

ICSR Article: Mapping Important Business Services: When Does A Service Finish?

claims payments

 

 

 

ICSR Director Kenneth Underhill considers questions about mapping claims and at what point in the service delivery process does the requirement for mapping cease.

Read Article

29th March 2021

FCA Policy Statement

The FCA have published their Policy Statement

Read FCA Policy Statement PS21/3

29th March 2021

PRA Policy Statement PS6/21

The PRA have published their Policy Statement

Read PRA Policy Statement

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15th April 2021

ICSR Article: Operational Resilience – A Regulatory Double-Header

Operational resilience - a regulatory double header

 

 

 

 

ICSR Director Kenneth Underhill looks at the approach to Operational Resilience adopted by the PRA and FCA in thier co-ordinated Policy Statements.

Read Article

26th May 2021

ICSR webinar - Impact Tolerances

Webinar: Operational Resilience: Impact Tolerances with Kenneth Underhill

31st March 2022

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.”

Read Bank of England update

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