The Regulators’ Responses to Market Feedback
The industry has long sought consistency and in their approach to Operational Resilience the PRA and FCA have mostly delivered it, if not what had been hoped for in their co-ordinated Policy Statements released on 29th March.
For those firms who are dual-regulated, this will be a welcome approach that more closely aligns key definitions between the FCA and PRA. But the obligations remain distinct and firms will still need to report separately on the work undertaken. For solo-regulated firms, there is now clarity on what is required and when.
In this article, I look at the changes that have been adopted and how the FCA and PRA approach compares. I’m grateful to Talent Pool member Yvonne Lancaster for her input to this article. Yvonne has been involved in a lot of the early work on Operational Resilience and is one of a team of specialists available to assist clients with their work on this issue
On 26th May, I will be hosting a webinar looking specifically at Impact Tolerances. It is the latest in a series of webinars on Operational Resilience. Recordings of the previous events are available on our YouTube channel.
Please do join me if you would like to learn more about the approach to setting Impact Tolerances. Register Here
If you have any questions about the FCA or PRA approach to Operational Resilience now that we have the final Policy Statements, please feel free to contact Kenneth Underhill or John Moffat.
