- within Strategy, Law Department Performance and Tax topic(s)
- in European Union
When designing and implementing a holistic resilience framework, organisations should consider the following foundational elements:
Which internal and external facing business services and functions support the continued operations and financial stability of the organisation.
Of these internal and external facing business services and functions, which are:
- Performed by the organisation in-house
- Delegated to an outsourced service provider
- Considered a critical or important business service under the Operational Resilience Guidance
- Considered a critical or important function under DORA
- Time critical, such that any disruption may significantly impact the organisation's ability to operate within impact tolerances
How are such services delivered and what are the interconnections and interdependencies that support continuous service delivery (paying particular attention to critical or important business services and functions).
How much accessible capital does the organisation have to meet its obligations and maintain financial stability in adverse conditions, including consideration of how liquid the organisation's or group's assets are, should it need to raise additional funds.
Components of a resilience framework
OPERATIONAL RISK AND BUSINESS CONTINUITY FRAMEWORK
Focus on mitigating the risk of a single point of failure as it relates to all functions, processes and services
OPERATIONAL RESILIENCE FRAMEWORK
Focus on minimising the disruption caused by a single point of failure on the end-to-end delivery of an external facing business service
THIRD PARTY RISK MANAGEMENT FRAMEWORK
Focus on managing the risks arising from the use of both external third-party and intragroup service providers in the delivery of business services
ICT RISK MANAGEMENT FRAMEWORK
Focus on managing ICT risk and ICT-related incidents as it relates to both internal and external facing business functions
FINANCIAL RESILIENCE FRAMEWORK
Focus on ensuring minimum capital and liquidity requirements are maintained
GOVERNANCE AND INTERNAL CONTROL FRAMEWORK
Focus on ensuring clear roles and responsibilities are assigned, that inpiduals throughout the organisation take appropriate measures to manage and mitigate resilience risk, and that the culture of the organisation promotes a resilience mindset
This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.
