UK Operational Resilience Regulations

UK Banking Regulators publish final Operational Resilience Policy

Having spent a fair chunk of my time over the last two years on both direct feedback on Operational Resilience and working collaboratively with peers on some of the implementation standards, it’s pleasing to see the influence that work has had on the final policies. Analysis to come later, but the links are here:

Statement of Policy – Outlines where the Operational Resilience Policy sits within the context of Governance, Operational Risk, Business Continuity and Outsourcing policies.

Overview of Consultation Responses – Provides key summaries of how the respondents feedback has led to material change within the final policy statements.

The PRA Operational Resilience Policy Statement PS6/21 – The actual PRA Operational Resilience Policy Statement with examples.

PRA Rulebook Amendments – The actual amended rulebook text.

FCA Operational Resilience Policy PS 21/3 – The equivalent FCA Operational Resilience Policy statement.

The PRA Outsourcing and Third Party risk management Policy Statement PS7/21 – The PRA Outsourcing and Third Party risk management Policy Statement, incorporating the consultation paper responses.

The PRA Outsourcing and Third Party risk management Supervisory Statement SS2/21 – The PRA supervisory statements for Outsourcing and Third Party Risk Management with specific examples for Cloud Outsourcing.

Thats a lot of reading, but at first glance there has been minimal change and some minor clarifications and amendments. Also included is some timelines, with the expectation of a 12 month implementation window, followed by 36 months to address any issues.

In addition to these papers, there was the simultaneous release by the Bank of England of the specific requirements for Central Counterparties, Central Securities Depositories, and Recognised Payment Systems Operators.

These can be found here:

Central Counterparties Policy Statement

Central Counterparties Supervisory Statement

Central Securities Depositories Policy Statement

Central Securities Depositories Supervisory Statement

Recognised payment system operators and specified service providers Policy Statement

Recognised payment system operators and specified service providers Supervisory Statement