Financial institutions have 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 (people, processes, technology, facilities and information) and have clear, robust and dynamic plans in place to deliver consistent services to their customers and other stakeholders.
Supervisory guidance on business continuity is typically aimed at restoring business processes after relatively localised short disruptions, such as those caused by cyber and terrorist attacks. Operational disruption caused by the pandemic also poses different challenges in the sense that its impact is global and the duration appears to be at least for months.
In this webinar, lawyers and risk consultants from our financial services practice will provide their views on the following:
- The operational resilience process – mapping, impact tolerances and testing
- Outsourcing and third party supply
- What we are seeing in the market and key pitfalls for which to look
- Our take on the key lessons from various operational incidents across the financial services industry
If you would like to attend the July 40 Minute Briefing, please click here to register.