Sionic’s “Operational Resilience Market Insights Survey 2022″ provides an overview of the results of our operational resilience survey undertaken in early 2022. It also includes insights based on our expertise in, and direct experience of, working with clients at all stages of their operational resilience programmes. The survey and study was led by Sionic Partner Scott Lee from our award-winning specialist team.
In January 2022, Sionic undertook a survey in relation to the FCA and PRA’s Operational Resilience regulation, which is due to come into force in March 2022. The survey was issued to a cross-section of participants in the wealth management and private banking sector. The purpose of the survey was to gain an insight into where firms are in their Operational Resilience programmes, as well as to gain insight into the challenges firms face. The results of the survey have been anonymised.
- The majority of participating organisations have appointed an Operational Resilience accountable individual.
- Accountability is a core theme throughout the Policy Statement and ensuring roles and responsibilities are clear and well-understood are imperative to a successful programme.
- Of the participating organisations, the majority of Operational Resilience accountable individuals are either the SMF24 accountable person or equivalent.
- While this reflects the regulatory expectation, the Risk team will play a critical oversight role, providing check and challenge across the application of the regulation.
- It is also imperative to have a business leader to drive engagement across the organisation and operate as the connection between the Board’s obligations and the role of the wider business
Download the report in full here.
If you would like to discuss the findings of this survey, operational resilience or any aspect of wealth management and private banking, please contact us.