Meet FCA requirements with the leading Operational Resilience solution
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
Build a compliant Operational Resilience framework
What is an Operational Resilience framework?
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.
Why is Operational Resilience so crucial now?
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.
Who is impacted by the FCA’s new Operational Resilience rules?
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.
Ansarada GRC for Operational Resilience
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.
Important Business Services
Clear and easily accessible list of important business services
Automated reviews
Automatic creation, allocation and notification of scheduled reviews
Respond quickly to changes
Adhoc reviews resulting from a material change to your business
Map to 3rd parties
Mapping to 3rd parties to show relationship considerations
Easy-to-use dashboards
BI Dashboards for high level analysis
Scenario testing
Scenario testing, recording findings and resolutions
Get your critical processes in order
Ansarada GRC delivers a world-first Operational Resilience solution with modules designed to help you ensure your firm is within acceptable impact tolerances.
Use the Register Module to track important business services
The Registers Module provides the ideal environment for recording your important business services.
- Leverage customisable form fields to capture any data you require, from impact tolerances to substitution descriptions.
- Maintain and update your Important Services Register regularly by assigned users. Set a review schedule for each service at your desired frequency.
- Link your services to other records in the Ansarada GRC platform, including 3rd Parties, ‘time-based’ metrics, risks, events and scenarios.
- BI Dashboards bring all the data together to give you an instant view of your firm’s operational resilience and highlight any areas of concern.
Be confident you are within acceptable impact tolerances
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:
- Impact Tolerance for Financial Stability
- Impact Tolerance for Firm Safety
- Impact Tolerance for Harm to Consumers
- Impact Tolerance for Harm to Market Integrity
- Impact Tolerance for Policyholder Protection