{"id":3472,"date":"2021-02-10T20:24:30","date_gmt":"2021-02-10T20:24:30","guid":{"rendered":"https:\/\/www.icsr.co.uk\/?page_id=3472"},"modified":"2022-07-06T09:44:26","modified_gmt":"2022-07-06T09:44:26","slug":"operational-resilience","status":"publish","type":"page","link":"https:\/\/www.icsr.co.uk\/operational-resilience\/","title":{"rendered":"Operational Resilience"},"content":{"rendered":"
[et_pb_section fb_built=”1″ _builder_version=”4.7.4″ _module_preset=”default”][et_pb_row column_structure=”1_2,1_2″ _builder_version=”4.7.4″ _module_preset=”default”][et_pb_column type=”1_2″ _builder_version=”4.7.4″ _module_preset=”default”][et_pb_image src=”https:\/\/www.icsr.co.uk\/wp-content\/uploads\/2021\/02\/Pixabay-success-2081167.jpg” alt=”Operational resilience” title_text=”Operational resilience” _builder_version=”4.7.4″ _module_preset=”default”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.7.4″ _module_preset=”default”][et_pb_text _builder_version=”4.7.4″ _module_preset=”default”]<\/p>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.7.4″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.7.4″ _module_preset=”default”][et_pb_text admin_label=”Intro text” _builder_version=”4.7.4″ _module_preset=”default”]<\/p>\n
Operational Resilience has received increased regulatory scrutiny with the release of the joint discussion paper by the Bank of England, Financial Conduct Authority and the Prudential Regulatory Authority in July 2018. A clear statement from the regulators that the continued failure of organisations through neglect or oversight to implement strong Operational Resilience controls was no longer acceptable in light of the evident harm caused to consumers and markets.<\/p>\n
The regulators are now close to releasing a final Policy Statement which, once delivered, we expect to set the clock running for firms. Inaction will no longer be an option and we anticipate firms will need to be substantively \u2019complete\u2019 by the end of this year.<\/p>\n
Firms must look at their Operational Resilience and ensure that they take action to minimise the risk of harm to customers arising through interruptions to Important Business Services. The approach will need to consider:<\/p>\n
It is important that firms recognise the distinction between the regulator\u2019s approach to Operational Risks and other elements of business management. Specifically, the process of building Operational Resilience is not covered by existing plans for:<\/p>\n
Now is the time to begin taking action on your own firm\u2019s Operational Resilience planning, if you have not already started the process.<\/p>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_3,2_3″ _builder_version=”4.7.4″ _module_preset=”default”][et_pb_column type=”1_3″ _builder_version=”4.7.4″ _module_preset=”default”][et_pb_text _builder_version=”4.7.4″ _module_preset=”default”]<\/p>\n
[\/et_pb_text][\/et_pb_column][et_pb_column type=”2_3″ _builder_version=”4.7.4″ _module_preset=”default”][et_pb_video src=”https:\/\/www.youtube.com\/watch?v=7r181WH5VxA&list=PLjIF81hg0yYq_qYAJNPTt_U_PWjHVeznq” _builder_version=”4.7.4″ _module_preset=”default”][\/et_pb_video][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_3,2_3″ admin_label=”The Operational Resilience Regulatory Timeline” _builder_version=”4.7.4″ _module_preset=”default”][et_pb_column type=”1_3″ _builder_version=”4.7.4″ _module_preset=”default”][et_pb_image src=”https:\/\/www.icsr.co.uk\/wp-content\/uploads\/2021\/02\/Op-Res-DP18-04-210×300.png” title_text=”Op Res DP18-04″ url=”\/regulatory-timeline-operational-resilience\/” url_new_window=”on” _builder_version=”4.7.4″ _module_preset=”default” border_radii=”on|5px|5px|5px|5px” border_width_all=”5px” border_color_all=”#893494″][\/et_pb_image][\/et_pb_column][et_pb_column type=”2_3″ _builder_version=”4.7.4″ _module_preset=”default”][et_pb_text _builder_version=”4.7.4″ _module_preset=”default”]<\/p>\n
The joint discussion paper issued by the Bank of England, Financial Conduct Authority and the Prudential Regulatory Authority in July 2018 started the current work on Operational Resilience. Take a look at our expanded regulatory timeline for a full list of key dates, including links to all the main consultation papers, discussion papers and policy statements that have been issued.<\/p>\n
[\/et_pb_text][et_pb_button button_url=”\/regulatory-timeline-operational-resilience\/” url_new_window=”on” button_text=”View Operational Resilience Regulatory Timeline” _builder_version=”4.7.4″ _module_preset=”default”][\/et_pb_button][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.7.4″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.7.4″ _module_preset=”default”][et_pb_text admin_label=”Operational Resilience\u2014The ICSR Approach” _builder_version=”4.7.4″ _module_preset=”default”]<\/p>\n
Operational Resilience will be a living and breathing process requiring continual oversight and change. It will require firms to undertake a considerable project to create and embed the necessary processes. We do not anticipate significant change to current policy guidance and our experience suggests that fully completing a programme of work and embedding Operational Resilience into your operating model will take 6-12 months depending on scope and resources.<\/p>\n
There are two resourcing approaches to the work, which can be carried out in stages to assist with client planning:<\/p>\n
Our approach will be based on your business models and the outcome of proof of concept testing.<\/p>\n
ICSR can provide the resources necessary to support either model, including SMEs, Business Analysts, Programme Managers and IT expertise.<\/p>\n
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Our team have produced a number of articles on the subject of Operational Resilience. The most recent are shown below. To see all articles on the subject, please click here to go to our news page.<\/p>\n
[\/et_pb_text][et_pb_blog fullwidth=”off” posts_number=”3″ include_categories=”107″ use_manual_excerpt=”off” show_more=”on” show_author=”off” show_date=”off” show_categories=”off” show_excerpt=”off” show_pagination=”off” _builder_version=”4.7.4″ _module_preset=”default” overflow-x=”hidden” overflow-y=”hidden” link_option_url=”\/category\/operational-resilience\/” link_option_url_new_window=”on”][\/et_pb_blog][et_pb_button button_url=”\/category\/operational-resilience\/” button_text=”View all Operational Resilience articles” _builder_version=”4.7.4″ _module_preset=”default”][\/et_pb_button][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.7.4″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.7.4″ _module_preset=”default”][et_pb_text admin_label=”Our Experience” _builder_version=”4.7.4″ _module_preset=”default”]<\/p>\n
ICSR has already helped a number of firms formulate their approach and undertake the necessary work. We have been able to build a team with unrivalled experience and expertise in Operational Resilience, the methodologies which can be adopted, and the documentation and governance structures required to complete an operating framework.<\/p>\n
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ICSR has carried out a number of assignments helping clients with their Operational Resilience planning.\u00a0<\/p>\n
[\/et_pb_text][et_pb_filterable_portfolio fullwidth=”off” posts_number=”4″ include_categories=”204″ show_categories=”off” show_pagination=”off” _builder_version=”4.7.4″ _module_preset=”default”][\/et_pb_filterable_portfolio][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.7.4″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.7.4″ _module_preset=”default”][et_pb_text admin_label=”Meet the team” _builder_version=”4.7.4″ _module_preset=”default”]<\/p>\n
Please contact any of the team if you want to discuss your own approach to Operational Resilience.<\/p>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_4,1_4,1_4,1_4″ _builder_version=”4.7.4″ _module_preset=”default”][et_pb_column type=”1_4″ _builder_version=”4.7.4″ _module_preset=”default”][divi_team_member image_url=”https:\/\/www.icsr.co.uk\/wp-content\/uploads\/2020\/05\/KU_SM_2504_1607lowsqbw.jpg” icon_color=”#ffffff” admin_label=”KLHU” _builder_version=”4.7.4″ _module_preset=”default” link_option_url=”https:\/\/www.icsr.co.uk\/our-team\/kenneth-underhill\/” link_option_url_new_window=”on” border_color_all_image=”#893494″]<\/p>\n
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[\/divi_team_member][divi_team_member image_url=”https:\/\/www.icsr.co.uk\/wp-content\/uploads\/2021\/01\/Daniel-Mertz.png” icon_color=”#ffffff” admin_label=”Daniel Mertz” _builder_version=”4.7.4″ _module_preset=”default” link_option_url=”https:\/\/www.icsr.co.uk\/our-team\/daniel-mertz-consultant\/” link_option_url_new_window=”on” border_color_all_image=”#893494″]<\/p>\n
[\/divi_team_member][\/et_pb_column][et_pb_column type=”1_4″ _builder_version=”4.7.4″ _module_preset=”default”][divi_team_member image_url=”https:\/\/www.icsr.co.uk\/wp-content\/uploads\/2021\/01\/James-Doolan-web.png” icon_color=”#ffffff” admin_label=”James Doolan” _builder_version=”4.7.4″ _module_preset=”default” link_option_url=”https:\/\/www.icsr.co.uk\/our-team\/james-doolan-consultant\/” link_option_url_new_window=”on” border_color_all_image=”#893494″]<\/p>\n
[\/divi_team_member][divi_team_member image_url=”https:\/\/www.icsr.co.uk\/wp-content\/uploads\/2020\/10\/Natasha-Pye-consultant.jpg” icon_color=”#ffffff” admin_label=”Natasha Pye” _builder_version=”4.7.4″ _module_preset=”default” link_option_url=”https:\/\/www.icsr.co.uk\/our-team\/natasha-pye-consultant\/” link_option_url_new_window=”on” border_color_all_image=”#893494″]<\/p>\n
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Many of our Talent Pool members have specific skills and experience relevant to operational resilience. Please use the search box to find people using specific keywords (eg. ‘Operational Resilience’) or by using the categories in the ‘slider’ settings.<\/p>\n
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