UK Operational Resilience for Financial Services - The Current Position

Introduction

During the COVID-19 pandemic in March 2021 the Bank of England (the ‘Bank’), Prudential Regulation Authority (‘PRA’) and the Financial Conduct Authority (‘FCA’) issued a joint policy paper on operational resilience.

This was followed by rules and guidance which came into force on 31 March 2022 followed by a transitional period for implementation to 31 March 2025. Firms should have been complying with operational resilience requirements for at least a year now.

Operational resilience is particularly pertinent in a period where the risks of climate change are increasingly looming large, there is a challenging geo-political and therefore macro-economic environment and there are disruptive technologies challenging traditional business models.

This virtual classroom seminar will provide some of the latest updates as well as some context and practical insight into the concept of operational resilience as it relates to financial services regulation.

It will set out facts and matters that firms may wish to consider in their compliance journeys. The session will also consider the types of issues that have been arising and may arise in relation to operational resilience.

What You Will Learn

This live and interactive session will cover the following:

• An overview of the policy, rules, and guidance applicable in relation to operational resilience and the firms impacted in the UK
• The extent to which the operational resilience framework has embedded in the UK
• The broader international context of operational resilience e.g. the European Union’s Digital Operational Resilience Act (‘DORA’)
• Litigation and conduct risk by reference to recent and past decisions of the regulators

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.