Operational Resilience in the UK continues to remain top of mind for executives as investment by firms continues. Firms are now within their first year of the transitionary period and it therefore felt appropriate to conduct a temperature check on the market for 2023. The purpose of this survey was to gain insight into firms’ progress on their operational resilience programs in their efforts to comply by the 31 March 2025 deadline.
- The survey highlighted there is some work to be done, with 44% of respondents indicating that a resilient culture has not fully been embedded across their firms.
- 78% of firms have indicated that their third parties are either not or are only partially participating in their Operational Resilience plans, highlighting the need for greater engagement.
- The frequency of participants reporting cycles ranges from annually, to as and when required. The vast majority of firms are, however, reporting to their Boards on a quarterly basis.
- There is a dependency on third parties to participate in testing and manage their identified vulnerabilities accordingly. Given some of the challenges highlighted by firms, this is impacting firms’ ability to ensure vulnerabilities are being appropriately addressed.
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.
Read more on this topic:
- Operational Resilience – the Culture Conundrum – Sionic
- Sionic ‘Operational Resilience Market Insights’ Survey 2022 – Sionic
- Operational resilience: a game of three halves – Sionic
- Third Parties – Solution or Achilles heel? – Sionic
- Making Operational Resilience real – Sionic
- Scenario testing: passing the practical and the theory – Sionic