Budget

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 Resilience?

For those in scope of the new(ish) rules, we are now 6 months beyond the first deadline set by the regulator and 6 months before the first mandatory review must have taken place of all the work that took place initially. Some of these reviews can be done using existing resource but some ideally needs new or external resource. Independent testing, external reviews, conferences etc etc. They all need some budget to allow them to happen and they will all improve the output from your Operational Resilience programme. Not only that, should you be reviewed by the regulator (heaven forbid) or more likely external Operational Due Diligence, you will be able to show that you are not just ticking boxes but taking the whole exercise seriously.

For those not in scope, the regulator might be less of a concern (unless something goes wrong), but the external ODD is a key factor.

We are living in slightly uncertain times – make sure you are prepared to cope with whatever may be thrown in your direction.