Operational Resilience – Key Considerations for a World Class Framework

Events of recent months have challenged Financial Services firms with multiple disruptions at a far greater duration and breadth than were anticipated or planned for by Operational Resilience teams. Financial services firms reacted and responded swiftly to address the challenges posed in parallel across the organization. That said, the multi-faceted disruptions reflected dislocations – rather than a widespread lack of availability across any of the critical assets below. In short, while early analysis suggests firms were able to cope with the fallout from the disruption caused by COVID-19, and BCP plans for the most part were effective at mitigating disruption, strategies that address more widespread and longer duration scenarios are needed. Crucial to a successful Operational Resilience program is a framework that provides the necessary governance and focus, while enable a process that identifies and defines critical organizational services and assets, performs appropriate testing and assessment of those assets, and provides ongoing reporting of service remediation and enhancement.

Paul Fagone

KPMG

Paul leads KPMG’s Regulatory Risk and Compliance Practice and is responsible for driving innovative analytic solutions to solve the challenges associated with measuring and managing operational risk. He led efforts to apply artificial intelligence and machine learning to increase the integrity of operational risk frameworks and reduce ongoing maintenance costs.

Greg Matthews

KPMG

Greg is a KPMG Risk Consulting Partner, focusing on enterprise risk, compliance and governance topics for financial institutions, and leads third party risk management for KPMG. Greg has significant experience helping clients transform their risk management operations based on regulatory and business drivers. He has worked with clients as they seek to manage disruption in their industry, meet regulatory expectations and use technology to drive both effective and efficient risk management practices. Greg brings his global experience to his clients to provide perspectives on how to implement changes in culture and balance risk and performance drivers.

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