HOW CAN OPERATIONAL RESILIENCE BE TURNED INTO A SOURCE OF COMPETITIVE ADVANTAGE

A FUTURE OF FINANCE WEBINAR WITH BANKERS, OUTSOURCING SERVICE PROVIDERS AND OPERATIONAL RISK EXPERTS


Mid-October 2020 2.00-3.00 pm UK time


Operational risk has become a major concern of financial markets regulators. Natural hazards have always threatened business continuity, and the damage caused by warfare and terrorist attacks can be traced back as far. But advances in digital technology are creating new forms of technical vulnerability and cyber-risk, while outsourcing and the Cloud have created new network, interdependence and concentration risks. In the United Kingdom, regulators are pressing financial institutions to improve their operational risk management policies and procedures. In common with every Future of Finance event, this panel will bring together established service providers, potential disruptors and experts in the field to discuss how regulatory demands can be met without forfeiting competitiveness and blunting innovation.


Operational risk has become a major concern of financial markets regulators. Natural hazards have always threatened business continuity, and the damage caused by warfare and terrorist attacks can be traced back as far. But advances in digital technology are creating new forms of technical vulnerability and cyber-risk, while outsourcing and the Cloud have created new network, interdependence and concentration risks. The realization of any of these risks can cripple the day-to-day business of a bank, broker-dealer or asset manager. Which is why the central bank (the Bank of England), its arm that regulates the banks (the Prudential Regulatory Authority, or PRA) and the financial markets regulator (the Financial Conduct Authority, or FCA) have published papers outlining how they expect all financial services firms and financial market infrastructures in the United Kingdom to assess, improve and monitor the operational risks they face. The aim is to increase the operational resilience of the financial system as a whole. A consultation process on operational resilience, launched by the three regulators in July 2018, closes on 1 October 2020. New rules will come into effect next year. Thanks to the Senior Managers and Certification Regime (SMCR), senior decision-makers at all regulated firms will in effect be personally accountable for adherence to those rules. But, as with any regulation, the new regime is rich in opportunity as well as threat. Our ambition, at this seminar, is to show how operational resilience can be used to win business.


Topics of discussion will include:


• What is the risk-reward ratio in operational risk?
• How can a tick-box approach be avoided?
• What does an operationally resilient organisation look like?
• Does outsourcing keep operational resilience in line with best practice?
• How should organisations prepare for the unexpected?
• How do you build “muscle memory”?
• Is hierarchy an obstacle to resilience?
• Are small things an indicator of larger problems?


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