Those of you with good memories will remember with glee the 31st March 2022. That was the day you relaxed and thought “mission accomplished”, which is a phrase George Bush Junior came to regret! Today the 31st March 2023 is now approaching faster and faster, as though you are being drawn towards it by a powerful elastic band. For those who are wondering, this is the absolutely latest date by which you should have renewed your Operational Resilience Self-Assessment document.

As many of you will have seen, TSB was fined a total of £48,650,000 by the FCA and the PRA on 20th December for Operational Resilience failings following its botched IT platform migration exercise in April 2018. Apart from the fact that this is the big Operational Resilience scalp we at Aldbury International have been predicting, there are a number of messages in this, simply from the regulators’ press release quite apart from the body of the Final Notices released by the FCA

Operational Resilience doesn’t just begin and end with a great management team, a tried and tested business continuity plan or a seasoned IT system, it must also promote a culture of awareness. The FCA and PRA define operational resilience as the ability of financial services firms and the financial services sector to “prevent, adapt, respond to, recover, and learn from operational disruptions”. Learning is the key here if you want your organisation to successfully respond to

Operational Resilience is yesterday’s project, Consumer Duty is today’s. Right and wrong. While the first Operational Resilience deadline was 31st March 2022 and Consumer Duty is a here and now issue, if you get the former right, it helps considerably with the latter. You may well be trying to move your Operational Resilience into BAU, but it is still a very real issue because if you fail in this area, you most definitely will not be fulfilling any duty you may have to your c

It’s the time of year when most firms will be thinking about next year’s budget. Have you put a separate budget aside for Operational...

We ran a webinar recently to give building societies an insight into what’s required of the FCA’s and PRA’s Operational Resilience...

In letter at the start of the year, the PRA once again underlined that the operational resilience of the financial sector remains a...

Dragging “critical” third parties into their Op Res spotlight is something a lot of our clients are struggling to do, so this...

We were very interested in a recent speech by Duncan Mackinnon of the Prudential Regulation Authority (PRA), which set out where firms...

With an increasing number of high impact events affecting organisations, we’ve joined forces with leading tech company, CoBOS Technology, to produce an engaging and insightful Operational Resilience Scorecard, designed to empower organisations to implement the regulatory framework and achieve and maintain operational resilience. Industry leading scorecard Our experts have designed a unique Operational Resilience Scorecard in accordance with the Financial Conduct Authority’s a