June 2022 Blog
The first key regulatory deadline has now passed as of 31 March 2022. Operational Resilience should remain a key priority and an area of focus for Internal Audit.
Firms need to demonstrate that a full assessment of their Operational Resilience has been completed, vulnerabilities have been identified, and there is a focus on the remediation activities to complete in order to demonstrate that important business services can operate within their impact tolerance by no later than 31 March 2025.
Amongst the broader suite of activity required to continue on the Operational Resilience journey, the following areas are likely to be key areas of focus and challenge for Boards and Senior Management over the next three years:
- Scenario Stress Testing – Testing is likely to be the area of the core Operational Resilience regulation which continues to evolve throughout the period up to 31 March 2025, as Firm’s gain experience in the stress testing necessary, and the regulators react to the approach being followed.
- Third Party Risk Management – Third party dependencies pose a significant threat to a firm’s Operational Resilience. Visibility, oversight, and assurance is imperative to…
