The end of March saw a flurry of activity on operational resilience as the UK regulators published final policy on operational resilience and, for the UK Prudential Regulation Authority (PRA), final rules on outsourcing and third party risk management while the Basel Committee on Banking Supervision (BCBS) issued its new Principles for Operational Resilience and revised Principles for the Sound Management of Operational Risk.
Tag: cyber resilience
Operational resilience is the ability to “prevent, adapt, respond to, recover and learn from operational disruptions”.
On 24 February, our cross-practice panel of experts from Hong Kong, Singapore and London will discuss:
- the regulatory expectations, as regulators take steps to bolster operational resilience in financial services;
- the types of severe but plausible disruptive digital events that firms should prepare for, from systems outages to cyber attacks;
- crisis management, including how to deal with ransom demands;
- data implications arising from an operational incident; and
- how to mitigate the impact of disruption, focusing on outsourcing.
Financial services regulators are expecting firms to prevent, respond to, recover and learn from operational disruption. As Christine Lagarde, President of the European Central Bank, has warned, a combined cyber attack on important banks could trigger financial instability.
In this webinar our experts in financial services, cyber and data security, data privacy, outsourcing and digital disruption, together with Deloitte’s Customer Breach Support team, share their experience of operational disruption.
On 12 July, the European and Securities Markets Authority (ESMA) published its Report on the licensing of FinTech business models (the Report) as part of the European Commission’s wider FinTech Action Plan. While ESMA concluded in its report that it was not necessary to put forward any recommendations to the European Commission to adapt the current financial services legislative framework to address innovative business models in the FinTech industry, the Report did set out some of the key challenges National Competent Authorities (NCAs) are facing in regulating FinTech firms.