Central Bank of Ireland publishes operational resilience guidance
- Published: Tuesday, 07 December 2021 09:43
The Central Bank of Ireland has released a new operational resilience guidance document for regulated organizations. ‘Cross Industry Guidance on Operational Resilience’ is the result of a consultation with ‘a wide number of industry bodies and regulated entities’.
The objective of the Cross Industry Guidance on Operational Resilience is to ‘communicate to industry how to prepare for, respond to, recover and learn from an operational disruption that affects the delivery of critical or important business services’.
Key goals of the guidance are to:
- Enhance operational resilience and recognise the interconnections and interdependencies within the financial system, that result from the complex and dynamic environment in which firms operate;
- Communicate to the boards and senior management of Regulated Financial Service Providers (RFSPs), the Central Bank’s expectations with respect to the design and management of operational resilience;
- Emphasise board and senior management responsibilities when considering operational resilience as part of their risk management and investment decisions; and
- Require that the boards and senior management take appropriate action to ensure that their operational resilience frameworks are well designed, are operating effectively, and are sufficiently robust.