Operational Resilience Program – Steps to Conduct a Failure Modes and Effect Analysis (FMEA)
Basel defines Operational Resilience as a bank`s ability to deliver critical operations even at times of disruption. This would mean that the bank should have the ability to identify and protect itself from threats and potential failure. Failure Mode Effect Analysis is a step-by-step approach for identifying possible vulnerabilities or failures and prioritize the same […]
Impact Tolerance – Setting Impact Tolerance is a Vital Step to Build and Enhance Operational Resilience of an Organisation.
Impact Tolerance is quantifying the level of disruption, a critical business service can accommodate or absorb, before such disruption creates a significant impact or harm on the organisation or its customers. These impact could be financial, operational, regulatory etc. Regulators now mandating the financial services organisations to quantify these impact tolerances in terms of time […]
Key Risk Indicators -A Powerful Tool to Anticipate Your Risk Within the Enterprise
In simple terms, Key Risk Indicator (KRI) is a metric used to measure the level of exposure to risk. These are indicators that denote the unfavourable situation or troubles ahead which could have a negative impact on the enterprise. KRIs are important As they help in highlighting a trend and predicting the potential high-risk area. […]
Hongkong’s Regulations for Operational Resilience
On 22nd December, 2021 HKMA (Hong Kong Monetary Authority) came up with a Supervisory Policy Manual for Operational Resilience to provide Authorized Institutions (AI) with guidance on the general principles which they are expected to consider when developing their operational resilience framework. When is an AI said to be Operationally Resilient? An AI is said […]
Irelands’ Financial Service Sector Guidance on Operational Resilience
The Central Bank of Ireland`s objective of this guidance is to communicate to industry how to prepare for, respond to and recover and learn from an operational disruption that affects the delivery of critical or important business services. The Guidance aims to boost operational resilience and recognise the interconnections and interdependencies, within the financial system, […]
