In the current climate, Operational Resilience continues to take centre stage for many organisations, especially those in financial services. During Q1 2021 DCR Partners teamed up with Marks Sattin to bring together a range of leaders to discuss their perspectives on Operational Resilience, in a roundtable format. The roundtable covered the approaches organisations are taking to become operationally resilient, sharing lessons learnt and how obstacles have been overcome.
In July 2019 the Bank of England (BoE), the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA) published a joint discussion paper focused on the operational resilience of both financial services organisations, and the UK financial system as a whole.
The paper recognises that financial services institutions, and the services they deliver to their customers, are delivered using a complex network of people, processes, locations, systems and suppliers.
The paper highlights the risk of failure from within the complex networks that are required to deliver services to customers and the implications of such failure.
Financial services organisations are now being asked to take a more customer focused and holistic view of how they deliver important business services to ensure they have processes in place to identify and address any failure points in their services before they have a chance to negatively impact customers.
By bringing together leaders from a range of industries and functions we were able to benefit from a broad range of perspectives and experiences, both within and outside of financial services.
Our roundtable brought together a range of perspectives to consider:
1. What is driving the focus on Operational Resilience
2. What does Operational Resilience mean to your business in light of Covid-19 and beyond?
3. Operational Resilience: Setting yourself up for success
4. Overcoming obstacles on your Operational Resilience journey
This whitepaper outlines the key discussion points and lessons learnt that were shared during our virtual roundtable event.