Operational Resilience is a set of techniques that allow people, processes and information systems to adapt to changing patterns.
You understand that Operational Resilience is the next significant regulatory pillar and you understand that there is a clear need for a considered, end-to-end and robust approach; because regulators have called for a “step change” in how firms have previously approached Operational Resilience.
You appreciate that winning firms have conducted a root-and-branch overhaul of how their businesses can and will respond in times of stress and you have set-up a programme and made good progress: in fact our Operational Resilience Research Paper confirms that 84% of respondents have already identified critical business services.
You now need to consider how best to deliver a new focus on services and functions, rather than processes, and how to determine impact tolerances and responses. TORI can help you define an outcome-based approach to operational resilience, encompassing key areas such as: internal controls, technology risk, cyber, outsourcing and business continuity.
Wherever you are in the journey, have you identified the key challenges and barriers to success? Will you achieve your intended outcomes? Will you meet regulatory expectations?
How TORI Can Help
Operational Resilience – is the next significant regulatory pillar. Ultimately, Operational Resilience is a Board responsibility which needs to be driven top-down. These regulatory commitments dove-tail with other commitments including SMCR, SMF24, PSD2 and EBA. We can help you with:
- Maturity Assessment
- Developing an Operational Resilience Strategy
- High-level Roadmap
- Developing a Target Operating Model
- Third-Party Risk Management and Outsourcing
20 July 2023
Cyber Security has traditionally been perceived as a technological issue, however it’s now imperative that organisations recognise cyber security as an Environmental, Social, and Governance (ESG) concern due to its immediate and financially material sustainability risk for organisations.
The financial industry has traditionally been relying on an enormous supplier ecosystem to provide its services, however, in more recent years derived from the pace of change of technology, there is an emerging threat that could impact the stability of the entire financial market in a blink of an eye.
The EU has set December 2024 as a critical milestone for organisations to establish the principles and practices to enhance ICT resilience across the financial sector.
30 March 2023
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.
16 February 2023
Resilience has become an area of increasing focus across a wide range of industry sectors. After the financial crisis in 2008, regulators around the globe concentrated the reform agenda almost exclusively on financial aspects, leaving operational elements as a secondary consideration.
31 August 2021
Building a dynamic Operational Resilience framework is not a box-ticking activity from the middle office or IT departments. According to our research, only 58% have clear visibility of their critical systems and processes.
The Bank of England and the Financial Policy Committee (FPC) has for some time been focused on end-to-end Operational Resilience.
05 October 2020
TORI commissioned research to examine trends in Operational Resilience within financial services organisations Smart Paper looks at the approach that Financial Institutions are taking with regard to Operational Resilience, with a focus on readiness for the soon-to-be-introduced regulation and the impact of the recent pandemic on strategy as it relates to Operational Resilience.
We have developed a maturity diagnostic and Operational Resilience framework that covers the components that all programmes need to consider to meet the regulatory requirements. The toolkit combined with our expertise will provide clients with a clear view of gaps, weaknesses and priorities. Moreover, it provides a vital anchor point for future actions.
Working alongside key stakeholders, we use our maturity approach, technology and tools to provide insights on;
- The desired outcomes
- The design of Operational Resilience programmes that have not yet started
- The opportunities to enhance Operational Resilience programmes that are up and running
So wherever you are on your Operational Resilience journey, let’s talk to see how we can get you to your destination faster.
Ensuring that the digital strategy focuses on the right business areas and that the operating models are aligned to the strategy, is critical for success.
Third-Party Risk Management
In an interconnected world, understanding the value chain and its key participants is essential to ensure Operational Resilience and will help to mitigate the impact to your organisation and customers from new and emerging threats.
Financial Crime (FinCrime) is a multi-faceted, and ever-changing threat that is advancing in its level of sophistication across sectors and regions.