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Operational Resilience – Exercising Important Business Services

Plan B Consulting

Most firms will by now have identified their important business services (IBS) , mapped those IBS and set impact tolerances for those IBS. The post Operational Resilience – Exercising Important Business Services appeared first on PlanB Consulting. Let us help you. Get in touch to find out more.

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Operational Resilience – Exercising Important Business Services

Plan B Consulting

Most firms will by now have identified their important business services (IBS) , mapped those IBS and set impact tolerances for those IBS. The post Operational Resilience – Exercising Important Business Services appeared first on PlanB Consulting. Let us help you. Get in touch to find out more.

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DORA vs. DORA! by Lee Fredricks

PagerDuty

.” Of course, FS firms were already on this path–OR helps them deliver their business in a consistent way, gives them competitive advantage and maintains their reputation. The FS firm must reassess these important services regularly and also whenever there is a significant change to their business or the market in which they operate.

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What’s Next After Completing Your Operational Resilience Self-Assessment?

Castellan

The Financial Conduct Authority (FCA) , the Bank of England (BoE) , and the Prudential Regulation Authority (PRA) announced these new requirements a year ago to improve the operational resilience of financial services in the UK. Going forward, organisations are expected to operate within those impact tolerances.

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Operational Resilience Self-Assessment: Achieving the March 2022 Deadline

Castellan

Within this timescale, firms “must have performed mapping and testing so that they are able to remain within impact tolerances for each important business service. In a nutshell, the PRA sums this up in one sentence: firms need to take action, so they are able to provide their important business services within their impact tolerances.

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Financial Services: Are You Ready for the Upcoming Regulations?

Fusion Risk Management

Companies can do well through the active use of monitoring technologies, maintaining vigilance for anomalies or inefficiencies in business processes, active managing and monitoring of third parties , and addressing the ad hoc shocks anticipated in an unstable era.

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DORA: Moving Beyond the Basics of Compliance and Implementing a Cross-Functional Approach to Resilience

Fusion Risk Management

While each business is unique, those who have had a more successful approach to resilience and compliance tend to follow this similar methodology: Identify your critical business functions Begin by identifying what your individual critical business services are.