In December 2019, the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA) published a joint Consultation regarding Operational Resilience. Operational Resilience is defined by UK Regulators, as a firms' ability 'to prevent, adapt, respond to, recover and learn from operational disruptions.' Boards of regulated organisations are under increasing pressure to respond to difficult questions about how they provide oversight over business models, risk-taking, strategy and long-term business sustainability. Firms' culture and governance are pivotal to building public trust and confidence in the UK's financial services industry. The extension of the Senior Managers and Certification Regime (SM&CR) will ensure key staff are accountable for their conduct and decisions.
There are calls for increased transparency by regulated organisations to ensure the effectiveness of communication within the business which facilitates the cascading of information and instructions, and this includes effective reporting. Boards are requested to identify critical business services and map delivery back to the essential underlying resources; ensure that there is testing to ensure that the firm can withstand a severe event; and finally, check the results to identify resilience gaps – for example make investment choices that increase their ability to provide business as usual even under a severe disruptive event.
Moreover, increased consumer detriment can arise when authorised firms default or exit the market. Poor records and ineffective segregation procedures create a slower, costlier and more uncertain outcome for the customer and associated reputational damage to the Financial Conduct Authority (FCA) and United Kingdom financial markets.
This 90-minute session will be tailored to your company's specific requirements. Our Risk Consultancy Director, Ross Molyneux will cover the following areas:
We suggest 6 to 8 staff members attend this workshop.
This workshop will be of benefit to anyone who is likely to be affected by the challenges in maintaining operational resilience, including Board members, senior management, legal, compliance and those employees at the coalface.
Board Briefing and Style
Bespoke workshops are participative and interactive. The presentation will combine key formal presentations, case studies and syndicate discussion sessions. There will be an opportunity for attendees to benchmark experiences with their colleagues and raise issues of most concern to their organisation, either confidentially or in open session.
