Strengthening Operational Resilience

Operational Resilience is no longer a choice. It is an imperative.

  • Operational risk is the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events.
  • Operational resilience is the ability to provide stability of business services amid disruptions such as a pandemic, cyber security breach, network outage etc.
  • The severe disruptive effects of Covid-19 have heightened the urgency for organisations to reassess the risks of globally integrated asset networks and complex supply chains
  • Industry regulators around the world are working to make operational resilience a regulatory requirement.

 

The Cyber Security Challenge

Below is an overview of select jurisdictional regulations and directives that pertain to operational resilience and cyber risk, illustrating the extensive range and intricate nature of the subjects currently under evaluation.

 

UNITED STATES

New Treasury Report Assesses Opportunities, Challenges Facing Financial Sector Cloud-Based Technology Adoption

    Agencies release paper on operational resilience (Board of Governors of the Federal Reserve SystemFederal Deposit Insurance CorporationOffice of the Comptroller of the Currency)
      Federal Reserve System - Supervisory Policy and Guidance Topics

         

        CANADA

        Third-Party Risk Management Guideline
          Rogers network outage across Canada hit banks, businesses and consumers

             

            EUROPEAN UNION

            The Digital Operational Resilience Act (DORA) - Regulation (EU) 2022/2554
              Financial Stability Institute Insights on policy implementation No 50 Banks’ cyber security – a second generation of regulatory approaches
                Safeguarding operational resilience: the macroprudential perspective

                   

                  UNITED KINGDOM

                  DP3/22 – Operational resilience: Critical third parties to the UK financial sector
                    Critical third parties to the UK financial sector – third party survey
                      UK Houses of Parliament: OPR0007 - Evidence on IT failures in the financial services sector

                         

                        EGYPT

                        https://www.onespan.com/resources/financial-regulations/egypt

                        https://www.cbe.org.eg/en/cybersecurity/the-cybersecurity-organizational-structure

                         

                        KENYA

                        https://www.centralbank.go.ke/wp-content/uploads/2021/10/Guidance-on-Climate-Related-Risk-Management.pdf

                        https://www.centralbank.go.ke/wp-content/uploads/2019/07/GuidelinesonCybersecurityforPSPs.pdf

                         

                        NIGERIA

                        https://carnegieendowment.org/2022/05/13/cybersecurity-in-nigeria-s-financial-industry-enhancing-consumer-trust-and-security-pub-87123

                        https://www.cbn.gov.ng/Out/2022/OFISD/Letter%20to%20all%20OFIs%20Issuance%20of%20Risk-Based%20Cybersecurity%20Framework%20and%20Guidelines%20for%20Other%20Financial%20Institutions.pdf

                         

                        SOUTH AFRICA

                        https://www.resbank.co.za/content/dam/sarb/publications/prudential-authority/pa-documents-issued-for-consultation/2023/Proposed%20Directive%20-%20Operational%20resilience.pdf

                         

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