• Forums & Workshops
• iNED Forum - Resilience and other hot topics

A key priority for the UK’s supervisory authorities is to put in place a stronger regulatory framework to promote the operational resilience of firms. To this end, the Bank of England (BoE), PRA and FCA published a joint Discussion Paper on Operational Resilience in 2018. The term ‘operational resilience’ encompasses what used to be called ‘business continuity’ or ‘operational risk management’.  Following this, the supervisory authorities published a suite of consultation documents to embed their proposed approach to operational resilience into policy.   The proposals were designed to improve the operational resilience of firms and protect the wider financial sector and UK economy from the impact of operational disruptions. The consultations proposed requirements and expectations for firms to:

• identify their important business services by considering how disruption to the business services they provide can have impacts beyond their own commercial interests;
• set a tolerance for disruption for each important business service; and
• ensure they can continue to deliver their important business services and are able to remain within their impact tolerances during severe but plausible scenarios.

The BoE, PRA and FCA have now published a shared final policy summary PS6/21.  The regulators have made clear that ensuring continuity of important business services is essential to operational resilience and preventing consumer harm.   The deadline for starting the implementation of the Operational Resilience Framework for UK financial institutions is 31 March 2022.  From March 2022, firms must work to ensure that they have comprehensive strategies, sound processes and effective systems that enable them to address risks to their ability to remain within their impact tolerance for each important business service, in the event of a severe but plausible disruption.

LEARNING OBJECTIVES: 

Following this Workshop, delegates should, at a high level, be able to:

•             Explain what the term “resilience” means in the context of the UK’s financial services regulatory regime.

•             Describe, at a high level, the regulatory expectations of firms as regards resilience.

•             Summarise what firms need to do by the Framework implementation deadline of 31^st March 2022.

•             Identify the key areas of challenge / difficulty managers within insurance firms are likely to face.

This iNED Forum is open to insurance Non-executive Directors (iNEDS), aspiring iNEDS, Company Secretaries, Compliance staff and all those involved with corporate governance, underwriting, broking and risk management in the insurance sector.

There is no requirement for delegates to be members of the Worshipful Company of Insurers.