Background:
The client’s CEO wanted focused support to help fully understand the needs of both the FCA and the PRA, cognisant of the tight timelines for implementing their new policy statements.
Solution:
Aldbury International was approached to support the Building Society create and embed a sustainable Operational Resilience governance framework before the March 2022 deadline.
Key elements of the work were:
Clarifying criteria for identifying important business services, halving the number by disentangling supporting services.
Challenging rationale behind Impact Tolerances, creating more justifiable and realistic thresholds.
Creating holistic process maps, detailed to the correct granularity.
Un-earthing systemic vulnerabilities, one of which was hiding in “plain sight”.
Developing a scenario testing programme, identifying severe but plausible scenario’s and running a crisis simulation.
Providing a baseline assessment of current capability, captured as an Operational Resilience workbook to enable ongoing audit of strategy and capability.
Outcome:
The client was able to provide a report to the Board detailing their Operational Resilience framework and capability, supported by an independent validation that all elements required by the regulatory deadline had been put in place.