Operational Resilience

Operational Resilience Covid-19 pandemic have made financial institutions realize, the need to adopt an industry recognized operational resilience framework to be able to withstand the next disruption. More and more regulators across the globe are issuing suitable guidelines to the financial market entities to be operationally resilient, making them able to better withstand, adapt to, […]

Mapping of Resources

Mapping of Resources The operationally resilient firm would be expected to have a comprehensive understanding and mapping of the resources and dependencies that support their business services. Firm`s should identify and document the resources that deliver and support their critical business services. This identification process is referred to as mapping. Firms will only need to […]

Risk Management – Measure & Monitor

Risk Management – Measure & Monitor A firm should be prepared to manage all types of risks which has the potential to affect the critical services. It’s to be understood that the firm is bound to encounter number of risks and should leverage different risk management frameworks, as appropriate, to offer holistic and comprehensive support […]

Guide to Implement an Operational Resilience Program

Guide to Implement an Operational Resilience Program This guide provides resourceful insights and best practices to implement the guidance of operational resilience as mandated by the Central Bank of Ireland. It will help risk and resilience professionals in their journey to complying with the guidance in their respective organisation and in the process build a […]

Scenario Testing

Scenario Testing Financial firms would be required to carry out regular scenario testing of their ability to remain within their impact tolerances for each of their critical business service. The primary objective of the testing is to better understand the systems and process and identify vulnerability that needs remediation. Additionally, the firms are required to […]

Impact Tolerance

Impact Tolerance Impact tolerance is defined as a firm’s tolerance for disruption to a particular business service. Setting impact tolerances for critical business services may help ensure that boards and senior management consider what the firm would do when a disruptive event occurs, rather than only trying to minimise the probability of disruption. The regulators […]

Identifying Critical Business Service

Identifying Critical Business Service Operational Resilience is about having a comprehensive understanding of the core, or critical services that an enterprise offers to its customers and that must continue to operate during a period of disruption. The consumers who may be harmed if the service is disrupted, including the type of the customer base and […]