Financial institutions have had to deal with two challenges in the face of the COVID-19 pandemic. The first challenge is financial – how to address and mitigate the sharp drop in the value of financial assets or loss of liquidity. The second challenge is operational – how to address the risk of failure of resources and have clear, robust and dynamic plans in place to deliver consistent services to customers and other stakeholders.
Over the summer we carried out a survey exploring how financial institutions have been managing their operational resilience leading up to and during the pandemic. Broadly speaking, operational resilience refers to the ability of an organisation to rapidly adapt, recover and learn from a sudden shock to its normal operating environment.
The findings of the survey have just been published in a report, covering the following areas:
- Governance and oversight
- Annual budgeting
- People management
- Important business services
- Outsourcing and systems
- Testing response and recovery capabilities
- Regulatory change and guidance
- Key challenges experienced during the crisis
- Concerns over the next 12 months
- Lessons learned
To access the report, please register here.
If you have any questions, or if you would like to discuss the findings of the report, please do not hesitate to get in touch.