PRA Supervisory Statement 1/21 (SS1/21)
Prudential regulation - UK - Prudential Regulation Authority (PRA) - operational resilience.
(SS1/21).
Supervisory Statement 1/21 Operational resilience: Impact tolerances for important business services.
This statement sets out the PRA's expectations for the operational resilience of regulated firms’ important business services, for which they are required to set impact tolerances.
It will require banks and regulated non-bank financial institutions to have in place an alternative payment system to assure payments continuity in the event of a crisis.
"Corporate treasurers, CFOs and other financial leaders should take a page from this ‘playbook’ and pay attention to their own operational and payments resiliency.
In my opinion, this resilience needs to take three forms: compliance, control and cash flow management. All three are essential for ensuring payments resilience and security amid the current economic uncertainty facing the UK."
(Richard Ransom, solution consulting manager for corporates at business payments solutions firm Bottomline - The Treasurer online - 12 April 2024.)
See also
Other resources
- Supervisory Statement 1/21 Operational resilience: Impact tolerances for important business services - Prudential Regulatory Authority
- Payment resilience tops the agenda - Richard Ransom, solution consulting manager for corporates at business payments solutions firm Bottomline - The Treasurer online - 12 April 2024
- Bank of England webpage: prudential regulation
