Operational resilience
From ACT Wiki
1. Risk management - organisations and systems - finance - Prudential Regulation Authority (PRA).
In the regulated financial sector, the ability of regulated financial firms, the groups those firms are members of, and the financial sector as a whole to prevent, adapt to, respond to, recover from, and learn from operational disruptions.
(Source - UK Prudential Regulation Authority.)
- Risks of interconnectedness
- "[It’s] not just our customers but also our regulators that are asking us what steps we are taking in addition to establishing standards, guidelines and governance frameworks to deliver a resilient service offering.
- One of our regulators – the PRA, has set out its expectations for the operational resilience of firms’ important business services, including payments. It addresses the risks that follow from the interconnectedness of the financial system together with the complex and dynamic environment within which we work.
- As a bank, we understand how embedded our systems are now in companies’ sales processes – if the payment process fails at our end, then the whole client-side system can go down. As such, we are required to adhere to the PRA’s expectations of a maximum level of tolerable disruption, including the duration of that disruption."
- (Why resilience is vital to a successful treasury strategy - Mike Rigby, Head of Specialist Sales, Corporate Banking, Barclays - ACT Cash Management Hub.)
2. Risk management - organisations and systems.
Similar abilities in other sectors, or of other individual organisations.
See also
- Black swan
- Cyber resilience
- Disruption
- Event risk
- Financial Conduct Authority (FCA) UK
- Financial Policy Committee (FPC)
- Financial services
- Firm
- Framework
- Guidance
- Operational risk
- Operations
- Organisation
- Prudential Regulation Authority (PRA) UK
- Redundancy
- Resilience
- Robustness
- Standard
- Systemic risk
- Systems risk
- Tolerable disruption
- Treasury
