There have been a number of events across the financial markets where particular services have fallen below customer expectations. These have included inability to receive or make payments or or the inability to check your own status or access services. In an increasingly interconnected world the causes of this are often complex and hard to spot in advance, but can be a major impact to the reputations of firms.
Consultation paper CP29/19 on operational resilience from the PRA sets out draft new requirements for firms in both the banking and insurance sectors with the aim to build the resilience of the market to these sorts of events.
This presentation will: Explain the approach taken by the PRA for these new requirements • Consider the differences to current risk approaches • Consider whether there are other areas where a "top down" approach to risk would be beneficial.