Author: Robin Hamilton, CEO
Now that the key milestone of March 2022, set by both the PRA and the FCA, has passed, we know that a lot of financial firms are already well away from that particular “start line”. But is this a sprint race to a defined and fixed finish line, or is it more of a long haul where success can be judged by distance covered? More importantly, are there handicap rules that allow large to compete with small?
The way the regulators have framed their OpRes framework is that each firm is expected to set out its own finishing line, as well as devising its own race strategy. This allows for individual freedom but, as recent comments from the regulators suggest, a lot of confusion in the early stages as firms all sail off in different directions and speed. No sign of any handicap regulations so far!
Perhaps what is needed is an independent pacemaker who can help firms plot a course appropriate to themselves and relative to their immediate peers, while simultaneously keeping track of the whole fleet; helping warn outliers that they are way off course and can easily be picked off as a straggler. A sort of OpRes satnav.
We at Aldbury International have developed with CoBOS Technology, such a system.
Our Operational Resilience Scorecard allows individual firms to build an Operational Resilience programme that meets their needs, track their progress, while simultaneously allowing them to dive into detail and get on top of issues, if they find they are getting blown off-course.
Don’t believe us? Just book a demo and judge for yourself.