Standard operating procedures (SOPs) are essential for any business that wants to ensure quality, consistency and compliance in its processes. However, managing SOPs can be challenging, especially if organisations are still following paper, word or PDF format. Paper-based SOPs are prone to errors, loss, damage and outdated information. They also make it difficult to track […]
The financial sector is undergoing a rapid transformation due to the emergence of new technologies, changing customer expectations, and increasing regulatory demands. In this context, it is essential for the financial institution to digitize their standard operating procedure (SOP) to enhance their efficiency, agility, and compliance. A SOP is a set of written instructions that […]
On March 29, 2021, the Bank of England (BoE), Prudential Regulation Authority (PRA), and Financial Conduct Authority (FCA) jointly issued policy and supervisory statements to enhance the UK financial system’s resilience against operational disruptions. Operational resilience necessitates firms embracing the notion that disruptions are inevitable. The underlying assumption is that business disruptions and failures will […]
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 […]