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When You Can’t Rely on a Crystal Ball, Elevate and Invest in Resilience

Fusion Risk Management

The Impact of Ineffective Resilience Capabilities is Severe Imagine a bank that experiences a catastrophic outage in its IT systems , preventing customers from accessing their accounts for several days. This is exactly what recently happened with TSB Bank and Applied Materials. million customers.

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Empowering Customers on Their Resilience Journey with a New Model of Compliance

Fusion Risk Management

And just like that, the first milestone on the Bank of England, Prudential Regulation Authority (PRA), and Financial Conduct Authority (FCA) operational resilience regulatory timeline came and went. Reach out to your Account Manager to learn more about this new integration!

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The Importance of Building a Culture of Trust and Compliance

Fusion Risk Management

In tightly regulated industries like banking, Compliance Alert notes: “Chief Compliance Officers (CCOs) increasingly face personal liability for corporate wrongdoing and regulatory violations as a change of guidelines and a string of federal enforcement actions have transformed the environment in which CCOs operate.

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Geopolitics, regulations, and resilience

Fusion Risk Management

The UK took the lead with the Bank of England (BoE), Financial Conduct Authority (FCA), and Prudential Regulation Authority (PRA) enforcing operational resilience regulations that set a standard for resilience. The panel agreed that regulators are taking a more prescriptive approach to TPRM across the globe.

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Operational Resilience in 2023: What Can We Expect?

Fusion Risk Management

and the EU operate with dedicated teams who work with the organization and local regulators to address the requirements that have been established by the Bank of England (BoE), Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA), and other EU-based authorities. appeared first on Fusion Risk Management.

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Preparation Continues for the Digital Operational Resilience Act

Fusion Risk Management

Currently, TSPs are subject to financial service providers’ requirements via contractual obligations (such as the European Banking Authority’s third-party outsourcing requirements). For more information, contact your Account Manager or request a demo.

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TSPs: Making the Case to Invest in Risk and Resiliency

Fusion Risk Management

Your customer may ask you to meet a specific SLA in the event of a data breach so that they can activate their incident management processes . Your customer may be subject to third-party outsourcing requirements by their own regulators , like the European Banking Authority’s Outsourcing Requirements , and they may ask to sign an addendum