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.
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.
CANADAThird-Party Risk Management Guideline
EUROPEAN UNIONThe Digital Operational Resilience Act (DORA) - Regulation (EU) 2022/2554
UNITED KINGDOMDP3/22 – Operational resilience: Critical third parties to the UK financial sector
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