Financial services institutions (FSIs) should be taking steps now to build operational resilience, which is the ability of firms, financial market infrastructures and the financial sector to prevent, adapt, respond to, recover, and learn from operational disruption. For the past few years, regulators have been focused on the resilience (or lack thereof) of FSIs and with good reason. The global, regional, and personal impacts created by disruptions to this sector – including financial crises, the COVID-19 pandemic, geopolitical unrest, supply chain issues, competition, technology and cyberattacks – have been consequential. Disruptions have cost organizations billions of dollars and impacted entire regions, countries, and industries.
The regulatory guidance in some areas, such as the UK, has been formalized and FSIs doing business there must be taking specific and immediate action now to comply. While regulatory bodies have published guidance providing direction for how and when FSIs must become operationally resilient, compliance requires participation and cooperation across multiple functions of your organization. Establishing a common approach that enables siloed teams to act together to build a resilient organization is a challenge. The regulatory guidance suggests some steps that provide a good foundation.
Join our May 10 webinar on, Operational Resilience - What Financial Services Institutions Need to Know Now, where we will talk in more detail about how to:
Gain a better understanding of regulatory guidance and what it means for your organization
Bring your cross-functional teams together to focus on common goals and approaches to operational resilience
Leverage Archer to help you build operational resilience
Visit Archer Operational Resilience for more information. Contact us to implement a risk-driven, business-prioritized approach to build an operationally resilient organization.