In recent years, the growth of technology-related threats has increased the importance of banks’ operational resilience.
Recognising that a concerted operational resilience effort may not prevent a significant shock resulting from a specific hazard, the Committee seeks comment on proposed Principles for operational resilience that aim to mitigate the impact of potentially severe adverse events by enhancing banks’ ability to withstand, adapt to and recover from them.
The Committee is of the view that operational resilience is also an outcome of effective operational risk management. Activities such as risk identification and assessment, risk mitigation (including the implementation of controls) and ongoing monitoring work together to minimise operational disruptions…
