Financial Services Technology Panel Unveils Operational Resilience White Paper
On 28 May, after a project lasting a year, the Financial Services Technology panel unveiled its White paper on the status of Operational Resilience in the sector, at an event at the WCIT Hall attended by the Master and Junior Warden. Steve Yates, who led the project for the panel, took us through the findings in the paper, which anyone can download for free now at https://wcit.org.uk/operational-resilience-white-paper/. Of course, a donation to the WCIT Charity would be welcome.
Also at the event were two of the four students from City St. George’s University of London, whose research for the paper contributed to them achieving their masters’ degrees, along with a few of their mentors from the panel, as well as Steering Committee members who helped Steve navigate this broad yet critical topic. This was a team effort for the panel with the Chair and Secretary as main sponsors – the Secretary fulfilling the role of editor in chief.
As the foreword to the paper, from the Lord Mayor, said, “Operational Resilience has never been more important to the United Kingdom”. The paper joins the conversation, going on across the UK on Operational Resilience, and as the Master wrote in his foreword, “It concludes that the path to a resilient future becomes attainable and sustainable through targeted investment, cross sector alignment and enhanced regulatory engagement”. In fact, the discussion on the 28th centred on the tension between agility and the cost of risk management, an especially difficult balance for SMEs in our sector. The paper provides a commentary on regulations in the UK and EU and the varying challenges faced by all firms in the City, so is a valuable resource for all shapes and sizes of firms, as one size does not fit all. It is a good read, that I highly recommend.
Liveryman Julia George