Identify important business services, set impact tolerances, and map all of them in a simplified dashboard view with Ansarada GRC.
Comply with the new Operational Resilience framework set in place by the Financial Conduct Authority (FCA) in time for the 2025 deadline
Easily evidence your important business services and that you are reviewing them on a regular basis
Reporting outputs highlight any services that were deemed to be outside of your firm’s impact tolerance and what remedial actions were taken
Scenario testing can be recorded on a regular basis and upon any material change to your firm
The disruption brought about by COVID-19 is just one of many challenges faced by the global economy in recent years. There will always be unexpected events impacting business operations; when these occur, firms need to be able to respond efficiently and effectively.
An operational resilience framework needs to take a holistic view of your firm, operations, finances, governance, compliance, and security. This framework must be backed by rigorous scenario testing to ensure the business is robust enough to withstand any potential disruptions – both foreseeable and unknowable.
On 29th March 2021 the Financial Conduct Authority (FCA) published final rules that will create a new Operational Resilience framework for banks, building societies and other specific financial institutions in the UK.
The new rules came into effect on 31st March 2022, giving firms three years to embed appropriate metrics and controls to measure ‘important business services’ and set ‘impact tolerances’ to help them understand and evidence that should a critical system fail, they can continue to operate without serious adverse effects on the business and their customers.
The rules will affect banks, building societies, designated investment firms, insurers, Recognised Investment Exchanges (RIEs), enhanced scope senior managers and certification regime (SMCR) firms and entities authorised or registered under the Payment Services Regulations 2017 or the Electronic Money Regulations 2011.
For those not in scope, given recent events and the potential future focus of regulators, core firms under SMCR may benefit from familiarising themselves with the forthcoming regime.
There's only so far spreadsheets can take you when it comes to meeting your firm's Operational Resilience requirements. Manage current and future risk with purpose-built software.
Clear and easily accessible list of important business services
Automatic creation, allocation and notification of scheduled reviews
Adhoc reviews resulting from a material change to your business
Mapping to 3rd parties to show relationship considerations
BI Dashboards for high level analysis
Scenario testing, recording findings and resolutions
Ansarada GRC delivers a world-first Operational Resilience solution with modules designed to help you ensure your firm is within acceptable impact tolerances.
The Registers Module provides the ideal environment for recording your important business services.
Use the full Ansarada GRC solution to understand metric performance, 3rd party assessments, scenario outputs, risks and realised events, without having to track the information down from disparate sources.
Set your tolerance levels per service and use different filters to cover: