Posted on: September 29, 2021
Are you ready for the new Bank of England, PRA, and FCA regulatory requirements?
Resilience dominates the agenda for organizations globally. Continuity and excellence in the service of customers have increasingly become the new standard for success. The impending UK regulatory requirements reflect the societal need for better operational resilience.
Resilience-based approaches allow you to expand your focus on detecting patterns that may predict risk events or mature your capacity to contain them when they arise. Companies can do well through the active use of risk assessment software, maintaining vigilance for anomalies or inefficiencies in business processes, actively managing and monitoring of third parties, and addressing the ad hoc shocks anticipated in an unstable era.
Regulators are looking for firms to identify, map, and set impact tolerances for important business services by March 2022. At scale, it requires action on the part of many, from the top to the bottom of an enterprise. This is not something that can be done overnight and is more than just checking boxes. Having a 360-degree view of the business not only enables organizations to meet important compliance standards but also promotes better decisions, driving fast and effective action, protecting revenue, reducing risk, and seizing opportunities.
The deadline is approaching – are you ready?
At Fusion, we are helping companies assess just how ready they are. We have developed a complimentary self-assessment to help you prepare for the forthcoming regulations by better identifying where you are at and where you need to be as well as walking through what questions you should be asking and what the next 6 months should look like for your organization to meet these new standards.
Take the assessment now!