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KPMG reaction to operation resilience consultation paper

KPMG reaction to operation resilience consultation pape

Commenting on the consultation paper on Operational Resilience, Andrew Husband, Partner and Head of Operational Resilience KPMG UK said

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Commenting on the consultation paper on Operational Resilience, Andrew Husband, Partner and Head of Operational Resilience KPMG UK says:

“The discussion on operational resilience today takes another helpful step forward, this is a great example of how regulations can be built collaboratively between the rule makers and rule takers. No doubt a result of the industry’s engagement on this, today’s papers go into a great deal of sector specific guidance and show clear evidence of global regulatory alignment which will be hugely appreciated by firm

“Technology and innovation are fundamentally changing the financial services industry and the regulators’ sustained focus on operational resilience will no doubt safeguard the journey ahead. Looking at resilience comprehensively will help firms to avoid pitfalls, protect their customers and build a more resilient industry. Further, having a clear end to end understanding of key business activities, and their associated risks, makes it easier to focus investment on those services that matter most to the business and its customers.

                                                                                                                                     

“Whilst firms have another four months to feedback to the regulators on this consultation paper, the direction of travel is clear; regulation is coming to ensure enterprise-wide resilience is seen as a board level priority.  For any firms who’ve been awaiting an impetus to act on operation resilience, today’s paper should be just that.”

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