Financial Services Technology panel continues its exploration of Digital Operational Resilience – 24 May 2022

In May 2022, the panel again teamed up with ISITC to run our second event on Digital Operational Resilience. Building on the first event, reviewing Regulator direction in the UK and Europe, including DORA (Digital Operational Resilience Act) in the EU – on this occasion, we went round the world to understand the state of play from a multitude of Regulators, and then ran three live workshops.

Our audience first heard from our panel of Industry experts – Jack Armstrong, a seasoned Operational Resilience Strategy and Development Leader at the Bank of England and currently Director of Operational Resilience at EY, Brett McGowan, Associate Director within Protiviti’s technology consulting practice and TSO lead for the UK Operational Resilience team and Paul Dyer, the Chief Risk Officer at Amigo Loans.

Jack began with the key regulatory question – how you can answer that you are operationally resilient? He cited the shift from preparing for what might go wrong to accepting that it will – from “what if to when” and ended with the challenge of regulatory reporting.

Brett talked about Protiviti’s Operational Resilience Framework across four areas – cascading from Governance to Business Services, Foundational Elements (e.g., Business Continuity, Cyber, 3rd party and Technology resilience), and Assurance, Surveillance and Reporting. He advocated “Resilience by Design”, focusing on severe but plausible scenarios, defining the IBS (Important Business Processes), impact tolerance and mapping them for validation and remediation.

Paul, formerly the Deputy Chief Risk Officer with the UK Financial Conduct Authority leading the second line of defence, spoke from personal experience at his current firm, citing creative problem solving as critical – anticipating and solving a problem before it occurs. He linked Risk, Compliance and Innovation, seeing every risk as an opportunity to innovate and provide different, enhanced value.

The panel is now busy writing up what we learned during our facilitated workshops and will be publishing a paper on Operational Resilience this Autumn – so watch this space!