Operational resilience in financial services
Regulatory changes in the age of technological complexity
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Regulatory changes in the age of technological complexity
Operational resilience has been in the spotlight for a few years now due to several high-profile outages, which have caused large reputational and financial losses to major players in the financial sector and beyond.
The pressure on financial services organizations has ramped up even more with the announcement of upcoming regulations, which are coming into force in the UK and the European Union (EU) in 2022. Financial firms that can't prove operational resilience in the face of disruption, service level compliance and a customer-first experience can face heavy penalties that go from hefty fines to legal action against high company officials.
Operational resilience is a set of techniques that allow people, processes and informational systems to adapt to changing patterns. It is the ability to alter operations in the face of changing business conditions.