Author: Chris Goodeve-Ballard
Operational Resilience might have been overtaken by Consumer Duty in the regulatory headlines but make no mistake, the FCA’s focus on Operational Resilience remains as strong as ever.
The TSB fine just before Christmas was clearly a shot across the bows of the whole financial services sector, not just those in scope of the most recent rule changes. Our article on this goes into more detail as to why everybody should not only take notice but take action as well.
We have had several conversations with the FCA on the subject following our response to the initial consultation and have discussed all the relevant areas with them including adequate testing regimes, the updating of self-assessment documentation and Senior Management responsibility. There is no doubt that the FCA is very keen to ensure that all firms keep on track with the project.
A cursory glance at the LinkedIn entries for some of their staff throws up this little nugget for one individual:
“Leading on key strategic initiatives across the FCA. Of note is the development of the new operational resilience assessment framework and tooling, developed to support our future supervisory engagement model.”
They will clearly be looking at how firms are measuring their progress towards full operational resilience (if such a thing actually exists) and then how they maintain it thereafter.
Aldbury International is in a good place to help you meet these expectations. We have an understanding of what the regulator is trying to achieve but on top of that, we recognise that regulatory perfection is probably not your main aim (however important it is). We know that businesses main objectives are to be able to conduct their business and serve their clients. Our skill is helping you to combine these two objectives.
Contact us on 020 3475 2953 for more information.