Companies must consider expectations from their regulators in their forward-looking plans.
Legislators will trust organisations to identify and maintain their vital business services in the event of all major incidents.
Covid-19 is arguably the practice run.
Regulators across EMEA have been quick to recognise the significant strain on companies as they focus on business continuity, while preserving health and safety measures for the benefit of staff.
This is an opportunity to move on from daily monitoring of operational risk and instead use the practical experience of Covid-19 to assess what worked well and what was a struggle.
The survey should be less about simply complying with the FCA’s request, but embracing regulatory change before it happens.
The FCA’s shift to outcomes-focused supervision is in motion and irrespective of the regulatory fragmentation the UK might see post-Brexit, the intense scrutiny on operational and financial resilience is here to stay.
Linda Gibson is a director, head of regulatory change at BNY Mellon’s Pershing
