Operational resilience is the next phase in the evolution of financial services regulatory policy.
Operational resilience is the ability to “prevent, adapt, respond to, recover and learn from operational disruptions".
Regulators’ expectations are increasing – but it’s an evolution rather than a revolution; firms – more specifically firms’ senior managers – must “join the dots” across a range of practical risk management and governance activities. In an increasingly digitalised and complex world, disruption is inevitable and will affect the whole of the operation –financial, people, regulatory, structures, and systems.
To strengthen operational resilience, firms must prepare and mitigate for the impacts of future incidents. Building a framework that incorporates tolerances for internal and external triggers is fundamental to an efficient and sustainable business that can respond quickly to risks and pursue opportunities
To help you stay up to date, we have created this interactive timeline of global standards and key regulatory milestones across the UK, EU, Hong Kong and Singapore. Over the coming months, more financial centres will be added, so bookmark this page for easy access.
The contents of this publication are for reference purposes only and may not be current as at the date of accessing this publication. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action based on this publication.
© Herbert Smith Freehills 2021