Client Challenge
The Bank of England, the Prudential Regulation Authority (PRA) and the FCA have introduced mandatory Operational Resilience requirements to improve the resilience of the UK financial sector.
The client asked TORI to conduct an independent assessment of their Operational Resilience framework, in order to identify potential vulnerabilities and gaps against the regulatory requirements and industry best practices.
What We Did
TORI helped the client to understand their current level of readiness by performing an independent assessment.
This involved:
- Developing and conducting 1:1 sessions with the C-suite to gather their insights on the organisation’s state of readiness on the definition of important business services, risk management practices, supplier management, IT systems and corporate culture
- Reviewing and analysing the Client’s existing Framework, standards and other internal documents related to managing operational resilience
- Defining a desirable state, aligned with the organisation’s risk appetitive, risk tolerance and business strategy
Outcome & Results
TORI provided a report, which included:
- List of gaps and vulnerabilities identified during the assessment in comparison against best industry practices and regulatory standards
- Suggested roadmap to close potential gaps, linked to local and international standards
- Workshop sessions with relevant stakeholders to present results and coordinate remediation actions plan
