The latest Guidance for Firm Operational Resilience has now been published. You can download it here.

This guidance has been prepared to provide financial services firms a point of reference in their preparedness for the March 2025 implementation deadline. 

Since the publication of the Policy Statements from the Authorities, firms have been on a journey from implementing the requirements, to embedding them, and looking forward, how to continually enhance their resilience. The first Guidance Document published in late 2021 aimed to assist firms with the initial implementation of the Policy and meeting the first regulatory deadline in March 2022., Through the Operational Resilience Collaboration Group (ORCG) under CMORG, the Guidance has now undergone a complete refresh, implementing the experience that firms have gained from the last couple of years and reflecting on the priorities in the lead up to the final deadline. 

Experts from all areas of the financial sector have been working to update the guidance to help with the embedding and improvement of firm resilience. The updated Guidance has also benefitted from the involvement of the Authorities in engaging with the working group to support regulatory cohesion and enhance collective interpretation. 

As you will see from the Guidance, it is a sizeable document with the intention that this can be used now for firms as a point of reference in their activities, and adapted to each firms size, maturity or circumstance. This is intended to serve firms in their preparations for the upcoming regulatory deadline.

Operational resilience never stops, and we aim to ensure that the Guidance remains up to date to support enhancements and to build a culture of improvement. Therefore, the Guidance will look to be reopened fully post March 2025 to incorporate the lessons learned from firms in meeting the regulatory deadline. 

We hope that firms will find value in this updated Guidance to help them meet the next regulatory deadline and to put them in a position to continue to improve their firms’ Operational Resilience.