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Operational Resilience

SAFEGUARD CRITICAL SERVICES, AVOID BUSINESS DISRUPTION BY MANAGING INTERCONNECTED RISKS

Operational Resilience Solution

Overview


Operational resilience has always been a focal area for financial institutions, large organizations, regulators, and supervisors. The emphasis has been on preventing an operational disruption rather than on recovery. Amplified geopolitical tensions, accelerated digitalization and the increased dependency on vendors have increased the focus of regulators including the FCA and PRA to make organizations better prepared to face any disruptions. In addition to existing standards like Basel, Solvency II, APRA, etc., in the European Union, draft legislation Digital Operational Resilience Act (DORA) has been published, in Germany, the IDW PS 340 n.F. has been revised, in the US, federal bank regulatory agencies have released a paper outlining sound practices for large banks to help them enhance operational resilience, and in the APAC region, financial authorities are seeking to strengthen their resilience practices.

MetricStream brings all aspects of the operational resilience framework on to a single unified platform by seamlessly embedding risk management practices into compliance, cybersecurity, vendor risk management, and business continuity planning to prepare for and prevent potential disruptions.

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  Overview
Key Capabilities
Operational Risk Management

Reduce losses and avoid adverse risk events through proactive risk and control monitoring, forward looking risk visibility, and real-time risk intelligence.
Business Continuity Management

Strengthen business resilience with a coordinated and agile strategy for recovery from business disruptions. Prioritize key assets and processes for recovery.
Third-party Risk Management

Strengthen the vendor ecosystem by effectively predicting and protecting against vendor risks. Prevent potential disruptions and losses from vendors.
IT and Cyber Risk Management

Improve decision making and reduce IT and cyber risks and threats with accurate and timely insights from the first and second lines.
Operational Resilience
More Insights
Article
  • Operational Resilience: 5 Things You Can do to Become Ready for What’s Next

    Explore the five essential steps that can help you strengthen operational resilience and become ready for what's next.

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  • Prepare for What’s Next with Operational Resilience

    Get a quick look at operational resilience, the ongoing regulatory activity in this area around the world, how MetricStream solution can help, and more.

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  • 5 Actionable Steps To Build Operational Resilience. A Practical Guide To Embedding Resilience Strategies

    Learn how organizations can prevent, respond to, recover, and learn from operational disruptions with a strong multi-layer risk strategy and framework.

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  • The State of Risk Management Survey Report 2021

    Businesses around the world are reeling under the unparalleled economic shock of the COVID-19 pandemic. This has a direct impact on the risk profile of organizations and has compelled them to re-think their governance, risk and compliance (GRC) functions. 

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eBook
  • What’s Next in GRC for Banking and Financial Services Industry in the Americas

    This is our first eBook in our trilogy of eBooks and aims to bring to the forefront the GRC challenges currently being faced by the BFS sector in the North American region and what the future holds.

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  • What’s Next in GRC for Banking and Financial Services Industry in the UK

    This is the second eBook in our BFS-focused eBook series. Download it now to understand the GRC challenges currently being faced by the UK BFS sector and what the future holds.

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  • Top 5 Operational Resilience Challenges in the Post-pandemic Era

    Based on a recent peer-to-peer roundtable discussion, here is a look at the five top operational risks faced by the organizations in their pursuit of attaining resilience in the post-COVID era.

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  • Connecting Cyber, Business, and ESG Compliance. A European and UK Roadmap to Compliance and Regulation

    A deep-dive guide providing exclusive insights into the current regulatory frameworks and cyber, ESG, and third-party regulations and compliance impacting businesses in UK and Europe.

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Solution Brief
  • Safeguard Critical Services; Avoid Business Disruption By Managing Interconnected Risks Across the Enterprise

    Operational resilience has always been a focal area for financial services organizations, regulators, and supervisors. The emphasis has been on preventing an operational disruption rather than on recovery. The recent pandemic, digitalization, and increased dependency on vendors have forced organizations, and regulators around the world to relook at operational resilience. An effective operational resilience framework is crucial to navigate an increasingly uncertain world. How do companies not just prepare but thrive when faced with the unexpected?

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Customer Experience
Better Insights.
Better Decisions.
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Measurable Outcomes

Avoid business disruption and recover faster from operational events with comprehensive risk visibility, business impact analysis, and crisis management.

  • 67% improvement in risk reporting visibility and efficiency for the executive management and board.

  • 90% compression in compliance management timelines

  • 80% reduction in the time taken to create and review a business impact analysis

  • 80% decrease in third-party onboarding time

Client Companies
Client Companies
Client Companies
Client Companies
Client Companies
Client Companies
Gartner Magic Quadrant

MetricStream Recognized as a Leader in the 2020 Gartner Magic Quadrant for IT Risk Management

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Cards
PRESS RELEASE

MetricStream enables organizations to mitigate compliance risks with enhanced intelligent regulatory content libraries, delivered on its integrated risk platform

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Cards

Frequently Asked Questions

Operational resilience can be defined as an initiative that focuses on building the resilience of all business activities beyond business continuity management programs. This includes connected risk appetite and tolerance levels for disruption of product or service to internal and external stakeholders like employees and customers. The essence of operational resilience is that the organization and economy are prepared to respond better to a crisis or disruption rather than just reacting. In short, the aim is to stay operational, no matter what.

Recent events and operational failures have forced regulators across the globe to ask organizations to implement operational resilience frameworks. This requires companies to identify critical business services, set impact tolerances, consider vulnerabilities, develop appropriate mitigation actions, and then define a consistent approach to prevent, adapt, and respond to the failure.

The concept of operational resilience is not new. However, the recent health crisis, geopolitical tensions, complex extended ecosystem, rapid digitization, major cyberattacks, and environmental and social issues have brought back the focus on operational resilience.

While the regulatory focus on operational resilience is still new there are some countries starting to uphold standards with regulation. The PRA operational resilience framework in the United Kingdom, IDW PS 340 n.F. in Germany, the Digital Operational Resilience Act (DORA) in the European Union, and Technology Risk Management (TRM) guidelines by the Monetary Authority of Singapore (MAS) in Singapore have been released. In the United States, a joint paper by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (OCC), has been published to guide large and complex firms to address unforeseen challenges to their operational resilience. Some of the above are applicable to large and enterprise organizations across all sectors while some are specifically applicable to banking and financial services firms.

Since the start of the COVID-19 pandemic there have been more regulatory measures. For instance, the digital operational resilience in the proposed Product Security and Telecommunications Infrastructure Bill in the UK will apply to individuals and businesses across the UK, and not just businesses in certain sectors.

Build your operational resilience journey and ensure your organization is well prepared to respond to future disruption by:

  • Identifying and understanding the critical processes, systems, people, and third parties
  • Protecting and managing risks related to them and assessing their impact on the business
  • Defining and setting impact tolerances against critical risks
  • Developing business continuity plans and monitoring them
  • Providing actionable insights through reports and analysis
  • Developing communication for key stakeholders

     

The right technology can help your operational resilience strategy by providing a single solution to meet regulatory requirements along with the tools to embed risk management practices into compliance, cybersecurity, vendor risk management, and business continuity plans to prepare for potential disruptions. Technology can support you by:

  • Ensuring that all aspects of an operational resilience framework are easily accessible to view in a single, connected platform simplifying the tracking and managing of the risk
  • Enabling data harmonization across teams, business units, and functions
  • Providing automation capabilities for risk assessments, control testing, continuous control monitoring, third-party due diligence, etc.
  • Ensuring a common federated taxonomy in a central risk library
  • Generating powerful reporting and analytics capabilities enabling organizations to create rich analysis and derive deep insights for driving business decisions

For over 20 years MetricStream has been a leader in Governance, Risk, and Compliance (GRC), supporting businesses to take a proactive risk-based approach to compliance, cyber, and third-party risk management and enabling them to manage, co-ordinate, and track multiple GRC risks across business siloes.

MetricStream brings all aspects of the operational resilience framework into a single unified system. This allows organizations to view and track regulation across different regulatory frameworks such as PRA, IDW PS 340 n.F, and DORA. The solution seamlessly embeds risk management practices into compliance, cybersecurity, vendor risk management, and business continuity planning to prepare for and prevent potential disruptions. Through sharing best practices and key learnings with organizations, MetricStream further supports their future growth and helps build resilience strategies.

Explore MetricStream solutions for Operational Risk Management, Business Continuity Management, Third-Party Risk Management, and IT and Cyber Risk Management. To request a demo, click here.

Also, you can visit our Learn section to dive deeper into the GRC universe and the Insight section to explore our customer stories, webinars, thought leadership, and more.

Operational resilience has always been a focal area for financial institutions, regulators, and supervisors. The emphasis has been on preventing an operational disruption rather than on recovery. The recent pandemic, digitalization, and increased dependency on vendors have forced organizations, and regulators around the world including FCA and PRA to relook at operational resilience. Operational Resilience is defined as the ability of financial services companies to prevent, adapt, respond to, recover and learn from operational disruptions. MetricStream brings all aspects of the operational resilience framework on to a single unified platform by seamlessly embedding risk management practices into compliance, cybersecurity, vendor risk management and business continuity planning to prepare for and prevent potential disruptions.

Operational Resilience

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