Operational resilience is a key strategic and ever evolving priority for us, and this is shared by members, regulators and the wider financial industry.
Operational resilience underpins all the work members do and the customers they serve. Therefore, ensuring industry is prepared and able to safely respond to and mitigate against unpredictable and increasingly complex threats is of utmost importance to us.
Increasingly, it is not only about members’ preparedness, but collaboration and better understanding of important business services, impact tolerances, emerging risks like cyber and the wider supply chain. Read our opinion piece on 'Operational Resilience, Embracing Change'
Useful external links
- More information on the Cross Market Operational Resilience Group
- Further information on the IAIS operational resilience work
- Further details on the FSB operational resilience work
- More insights on the PRA’s operational resilience work and more insights on the FCA’s work
FAQs
What is operational resilience?
The term “operational resilience” is defined by the regulators – Bank of England, Prudential Regulation Authority (PRA), and Financial Conduct Authority (FCA) – as the ability to prevent, adapt and respond to, recover, and learn from operational disruption.
How does the ABI support in this space?
We support members to comply with regulatory operational resilience requirements from the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) in a variety of ways, including through our own forums and collaboration with experts in this field.
Alongside our members, we also have links with cross-industry networks, which involve the wider financial services industry collaborating to mitigate against operational risks. This includes our participation in the Cross Market Operational Resilience Group (CMORG), and our presence on various sub-groups including the Insurance Sector Operational Resilience Group and the Operational Resilience Collaboration Group (ORCG).
We are also well connected with international bodies such as the International Association of Insurance Supervisors (IAIS). We actively participate in discussions on operational resilience in the international sphere and collaborate on best practice.
