Operational Resilience

Business ContinuityContinuity

Demonstrating Business and IT Continuity Prowess to UK and European Regulators

Both UK and European regulators emphasize the importance of business and IT continuity planning for financial institutions. Here’s how to convince them:

  • Alignment with Regulatory Frameworks:
    UK: Prudential Regulation Authority (PRA) Supervisory Statement SS1/21 on Operational Resilience (overseas operations should consider Financial Conduct Authority (FCA) guidance).
    EU: Capital Requirements Regulation (CRR) and Directive (CRD V) highlight the importance of operational resilience and incident response capabilities.
  • Comprehensive and Documented Plans: Maintain clear and comprehensive documentation outlining your business and IT continuity plans, risk assessments, and testing procedures.
  • Regular Testing and Reporting: Demonstrate a commitment to regular testing through documented exercises and simulations, and provide reports to regulators outlining findings and improvements made.
  • Third-Party Vendor Management: Ensure robust risk management practices extend to third-party vendors critical to your operations. Understand their business continuity plans and demonstrate your ability to mitigate potential disruptions.
  • Open Communication with Regulators: Maintain open communication with regulators, informing them of any planned maintenance activities or disruptions, and demonstrating timely and effective response to incidents.

What is Business Continuity for Financial Institutions?

Business and IT continuity encompass a comprehensive set of strategies and practices designed to:

  • Identify Threats and Risks: Systematically assess potential disruptions, both internal and external, that could impact critical operations and IT infrastructure. This includes cyberattacks, natural disasters, power outages, human error, and pandemics.
  • Develop Continuity Plans: Create documented plans outlining strategies for maintaining critical business functions and IT services during and after a disruptive event. These plans should clearly define roles, responsibilities, communication protocols, and recovery procedures.
  • Invest in Redundancy and Backups: Implement redundant systems, data backups, disaster recovery solutions, and alternative service locations to ensure continued functionality in the event of a primary system failure.
  • Regular Testing and Training: Regularly test your business and IT continuity plans through simulations and exercises to identify weaknesses and ensure personnel are familiar with their roles and responsibilities.
  • Continuous Improvement and Monitoring: Continuously monitor your environment, update your plans based on emerging threats and lessons learned, and foster a culture of preparedness throughout the organization.

Benefits of Strong Business and IT Continuity

  • Enhanced Regulatory Compliance: Aligns your approach with regulatory expectations, reducing the risk of sanctions and fines.
  • Improved Operational Resilience: Strengthens your ability to withstand and recover from disruptive events, minimizing business interruption and financial losses.
  • Maintained Customer Trust: Minimized downtime fosters customer confidence and loyalty, demonstrating your commitment to reliability.
  • Stronger Market Reputation: Proactive business and IT continuity planning projects an image of stability and risk mitigation, enhancing your reputation with investors and other stakeholders.


Asset Managers

Business Continuity Planning & Strategy


Risk Assessments

Comprehensive evaluation of potential disruptions to operations, supply chains, technology, and critical assets.


Business Impact Analysis (BIA)

Continuity Plan Development


Policy Development and Review

Create or refine detailed, documented plans for maintaining key functions and restoring operations. This includes alternate work sites, communication protocols, and escalation procedures.


Regulatory Readiness

Aligning continuity plans with UK (PRA/FCA) and EU regulatory requirements and best practices.
IT Continuity and Disaster Recovery


Disaster Recovery Planning

Design IT-focused recovery plans, including data backup strategies, redundancy, and failover procedures.


Technical Assessment and Architecture

Analyze IT infrastructure for vulnerabilities and weaknesses and recommend improvements for resilience.


Cloud Migration and Resiliency

Assess the suitability of cloud services for backup and recovery, and develop migration strategies.


Data Breach Response and Resiliency:

Implement protocols for handling IT security incidents, rapid data recovery, and breach notification procedures.
Testing, Training, and Improvement


Tabletop Exercises and Simulations

Conduct scenarios to test plans, identify weaknesses, and train staff on their roles and responsibilities.


After-Action Reviews

Analyze lessons learned from exercises or real-world incidents and implement improvements to plans.


Awareness and Culture Change

Develop training programs to build a risk-aware mindset throughout the organization.

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