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Posted in Regulatory and legislative updates, UK

UK: Operational resilience: a new area of regulation you need to think about now

Several high profile systems failures resulting in customers being unable to access their finances and an ever-increasing reliance on outsourcing key activities to group entities or third parties have unsurprisingly caught the regulators’ attention.

The PRA and FCA are consulting on proposed new rules on operational resilience.  “Operational resilience” is defined as the ability of firms and the financial sector as a whole to prevent, adapt, respond to, recover and learn from operational disruptions.

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