Update Systems and Processes or Risk Failure to Meet Operational Resilience Deadline
A premium service led by Cybersecurity, Risk, and Organisational Resilience experts helps firms prepare for new expectations from UK financial regulators.
LONDON –With a new policy from the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the Bank of England due to come into effect on 31 March 2022, the countdown is on for firms to ensure that their systems and processes are up to date with the new Operational Resilience requirements. City-based governance, risk and compliance consultancy, Complyport, reminds firms regulated in the UK to get ahead of the regulatory curve by dealing with this significant regulatory requirement well in advance.
Complyport’s Operational Resilience Support service, co-led by Darren Schindler and Pantelis Angelides, experts in Cybersecurity, Risk, and Organisational Resilience, helps clients adapt their systems and processes for the new rules as well as provide ongoing support for continued compliance. With firms expected to continue appropriate testing of their resilience plans to demonstrate that they can operate within their impact tolerances by 31 March 2025, work on compliance with the new policy is expected to continue well after the upcoming 2022 deadline.
Darren Schindler, Co-Head of Complyport’s Cybersecurity and Operational Resilience Advisory, said:
“Without a thorough resilience strategy and appropriate processes and mechanisms for managing key operational functions, businesses leave themselves and the financial markets exposed to potentially significant risks. These new regulations create an opportunity to tackle these risks head-on and Complyport’s Operational Resilience Support service is here to ensure that regulated firms receive the help they need to navigate the complex process of adapting to and continually complying with the regulator’s new expectations on operational resilience.”
Pantelis Angelides, Co-Head of Complyport’s Cybersecurity and Operational Resilience Advisory, said:
“The events of the past two years have sharply reminded us that resilience is fundamental for protecting the value and, on many occasions, survival of a business. Firms not only have to be able to keep up with evolutions in the industry, but also endure major disruptions and crises caused internally or by external events which can in some cases be unprecedented. Proper planning, robust risk management, regular testing, and effective monitoring of performance are just some of the ways that firms can ensure ongoing operational resilience in such volatile times. Our team are on-hand to provide bespoke advice for firms readying themselves to comply with the upcoming new regulations from March 31st and beyond.”
Users of Complyport’s Operational Resilience Support service receive a thorough Operational Resilience Impact Assessment which will form the basis of a roadmap of necessary changes to ensure compliance by 31 March. This will include:
- Identifying gaps in existing Operational Resilience frameworks
- Support with (re)defining firms’ approach to risk scenarios of operational disruptions
- Optimisation of continuity strategies
- Tactics to improve operational resilience posture
- A summary of framework arrangements and mechanisms that need to be in place to comply with new Policy requirements
Users also have the option of support with maintenance of new Operational Resilience frameworks beyond the March 31st deadline to ensure ongoing compliance and resilience benefits.
For more information about Complyport’s Operational Resilience Support service, visit: https://complyport.com/operational-resilience-support/
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Notes to Editors:
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ABOUT COMPLYPORT:
Complyport is a leading compliance and regulatory consultancy providing bespoke, practical solutions for all manner of regulated firms both in the UK and overseas. Their expert authorisations team have assisted with 1,000 successful FCA and EU authorisations to date. Their specialist compliance services expertise can either sit alongside current compliance teams or, for an independent solution, they can bring their team in-house. Established in 2002, Complyport combines former regulators, industry practitioners and legally qualified individuals to offer clients an unparalleled, professional team.
ABOUT PANTELIS ANGELIDES:
With more than 20 years of experience in Security, Risk, and Organisational Resilience, Pantelis has served as a trusted security advisor for top executives in sectors such as financial services, healthcare, law, manufacturing, and critical infrastructure facilities. He is a keen security strategist with extensive knowledge of a wide range of physical and digital security aspects and a rich track record of managing and delivering successful cybersecurity, Data Protection and Resilience projects. Pantelis is an elected member of the UK’s Security Institute, a full member of the Association of Security Consultants, and a level- 3 Certified Vocational Trainer.
ABOUT DARREN SCHINDLER:
Darren is the Co-Head of Operational Resilience Advisory of Complyport. He brings over 20 years of C-Level financial services experiences, having worked at a variety of firms including Metro Bank, Barclays Bank, HBOS PLC, Thomas Cook Money and more. Darren refined his Operational Resilience skills during his time at Metro Bank, where he helped design, create, and launch their Business & Commercial Banking proposition and as Thomas Cook Money, where he was involved in the planning, development and launch of a new challenger bank. In addition, Darren has held senior positions in a number of fintech businesses where he has been responsible for regulatory oversight and he is currently contributing towards the creation of a global card and loyalty programme for a world leading crypto trading platform. Darren is qualified as an Associate of the Chartered Institute of Bankers and an Associate of Corporate Treasurers Cash Management Certificate.