The countdown is on… until the Financial Conduct Authority’s (FCA) guidelines on operational resilience come into force…
The new FCA (Financial Conduct Authority) rules and guidance for assuring sufficient levels of operational resilience come into force on 31 March 2022 (see FCA handbook section SYSC 15A).
A successful operational resilience strategy requires you to have a thorough understanding of your business-critical success factors and points of failure.
In 2019 the FCA proposed changes to how firms address their operational resilience with the intention of improving the resilience of the UK financial sector.
Following a period of consultation, a set of rules were published in March 2021. These rules set out the requirements that all applicable financially regulated firms will have to adhere to.
David Davies, Business Continuity Consultant at Daisy, gives you his six most important steps to building operational resilience:
- Define your important business services (IBS)
- Set your impact tolerances for each IBS
- Map your dependencies efficiently to have completed points 1 and 2
- Carry out scenario testing sufficiently to have completed points 1 and 2
- Produce your first self assessment document (to be completed regularly after that)
- Operate and remain within set impact tolerances