Posted on: September 28, 2021 by
Fusion Risk Management
LONDON, UK and CHICAGO, IL – With just over five months left to prepare for the new UK Regulatory Operational Resilience Requirements, Fusion Risk Management, Inc. (“Fusion”), a leading provider of operational resilience, risk management, and business continuity software and services, says institutions must act now to prepare for the new requirements or risk missing the March 2022 deadline requirement to identify, map, and set impact tolerances for important business services.
Currently working with over 120 global financial institutions to ensure compliance with the new Bank of England, PRA, and FCA regulatory requirements, Fusion has continued to strengthen its offerings, accelerating firms’ progress by 80%, and is now introducing an operational resilience self-assessment to help firms implement a scalable framework. Having enhanced its already comprehensive operational resilience approach after consulting with regulated firms, industry advocacy groups, and supervisory authorities earlier this year, Fusion is now working directly with clients to ensure they are on track to meet the deadlines and exceed the new requirements.
“The new rules and guidance relating to operational resilience and outsourcing will apply to a broad range of firms including banks, building societies, designated investment firms, insurance firms, e-money, and payment services firms. Firms that are dual regulated face the complexity of applying both the FCA and PRA’s rules, including the potential requirement to set different impact tolerances to comply with the regulators’ different drivers,” said Michael Campbell, Chief Executive Officer, Fusion Risk Management.
Campbell continued, “Many institutions have done the work to identify and map their important business services and are on a journey to set impact tolerances for each important business services ahead of the March 2022 deadline. However, they are looking for ways to integrate it into the operating fabric of their organization and are being challenged by the regulators to look at impacts beyond their own commercial interests. Fusion provides a framework that anticipates, prevents, prepares for, responds to, and learns from risks and disruption over time, ensuring customers can manage to the desired outcomes set forth by regulators. This is not just a checkbox exercise; this is an operating model for the modern institution.”
Rich Cooper, Global Head of Financial Service Go-To-Market, Fusion Risk Management, says Fusion’s proven track record as a provider of best-in-class service ensures its customers stay ahead of regulatory expectations. “Our rigorous operational resilience assessment determines how well our customers currently adhere to the new requirements, and what changes still need to be made. The assessment looks at every detail of their business services, including how often internal or external risk events affect their customers and how these affect the bottom line. The assessment also provides clear evidence of how the firm concluded which services are indeed Important Business Services (IBS), as defined by the regulators. From each IBS our capabilities allow us to map the end-to-end delivery of important business services, set the impact tolerances, check all progress against the milestones outlined by UK regulators and are then able to conduct extreme yet plausible scenario tests. Fusion is the nerve centre for the financial services operations, with a proven framework that makes operational excellence actionable.
“Our mission has always been to keep businesses in business and safeguard our customers’ ability to deliver on their brand promises, regardless of the disruption. We are proud to serve 120 global Financial Institutions who rely on us to deliver a robust operational resilience program that exceeds regulatory requirements and optimises their overall efficiency,” Cooper continued.
Fusion continues to grow rapidly and now counts five global systemically important banks (GSIBs), six domestic systemically important bank (DSIBs), 50% of the top 10 largest US domestic banks, and more than 120 leading financial institutions globally as customers. Fusion’s collaborative ENGAGE customer community fosters a common understanding and best practices between those working toward greater operational resilience in financial services. Weekly more than 90 organizations meet to discuss their most critical issues, often led by regulated banks and financial services participants.
Fusion will share more insights into the importance of developing robust operational resilience plans for the financial services sector at the OpRisk EU conference, October 5-8. Learn more about the conference at https://www.opriskeurope.com/.
For more information, visit www.fusionrm.com.
About Fusion Risk Management, Inc.
Fusion Risk Management is a leading industry provider of cloud-based software solutions for business continuity, risk management, IT disaster recovery, and crisis and incident management. Its products and services take organizations beyond legacy solutions and empowers them to make data-driven decisions with a comprehensive and flexible approach through one system. Fusion and its team of experts are dedicated to helping companies achieve greater operational resilience and mitigate risks within their businesses. For more information, visit www.fusionrm.com.
Articulate Communications for Fusion Risk Management