Budget And Business Plan

The Bank, PRA, and FCA’s operational resilience policy, issued in March 2021,footnote requires firms to identify important business services, set impact tolerances for those services, and take action to continue to deliver them during severe but plausible disruptions. Updated policy on outsourcing and third party risk managementfootnote complements the wider operational resilience policy, and takes into account firms’ growing dependency on third parties, including cloud service providers. A focus of engagement during 2022 will be to assess whether https://www.wikipedia.org/ firms had implemented the policy expectations by the time they came into force on 31 March 2022. This will include an assessment of firms’ plans to ensure they will be able to deliver important business services within impact tolerance, no later than 31 March 2025. UK financial institutions are responding to pressures and opportunities related to the ongoing digitalisation of financial services. During 2022, the PRA will monitor developments in key … Read More

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