PIMFA
Are you ready to demonstrate operational resilience by 31 March 2025?
Be under no illusion your firm’s Operational Resilience Self-Assessment document will be the first item the FCA requests to see when assessing your firm’s ability to deliver important business services throughout operational disruptions such as cyber-attacks, technology failures or third-party disruptions.
And with the FCA’s deadline of 31st March 2025 fast approaching for boards of enhanced SMCR firms to review and approve their written self-assessment, now is the time to ensure this essential document demonstrates to the regulator your firm’s ability to prevent, adapt to, respond to, and recover from disruptions.
Helping you get your report right first time
In this live, tutor-led online course, Richard Preece, Chair of PIMFA’s Operational Working Group, assists you to avoid the pitfalls firms make when drafting your self-assessment, ensuring that you can:
1. Clearly articulate the FCA expectations for your firm’s operational resilience self-assessments, including the required elements (important business services, impact tolerances, mapping, scenario testing, lessons learned, vulnerabilities, and communication strategy). You will receive guidance on the size and level of detail of the Self-Assessment document that’s proportionate to your firm’s activities.
2. Construct a comprehensive self-assessment document that effectively demonstrates your firm’s full compliance with the regulation. This includes understanding the appropriate format, size, and content of the document. Time on the course has been allocated to provide guidance on addressing challenges like proportionality, consumer harm mitigation, and justification of methodologies.
3. Identify and effectively manage key challenges associated with operational resilience, particularly those relating to outsourcing (both intra-group and third-party), and 4th parties. Through case studies and examples, your trainer will offer practical solutions and best practices to mitigate third-party risks.
4. Implement a process for regularly reviewing and updating the self-assessment document to reflect changes in the business, market conditions, and lessons learned. Your trainer will emphasise the nature of the self-assessment and strategies for ongoing maintenance and governance.
5. Follow a proven plan to enhance the sophistication of the self-assessment process over time, improving the maturity of your firm’s operational resilience practices. The course will assist you in making progressive improvements in mapping, scenario testing, and vulnerability remediation, particularly when there is a significant change to the business.
Who should attend this course?
• Board members who have questions or doubts about their firm’s Self-Assessment seek assurances that ‘nothing has been missed’ before approval is given.
• Senior Managers, typically the SMF24, who, in updating the firm’s self-assessment, seeks to articulate how the firm plans to address the vulnerabilities to remain within the set impact tolerances in line with FCA expectations.
• Heads of Operational Risk and Compliance looking to benchmark with their peers how their firm evidences the effects of disruptions and ensure financial stability.
Bring a colleague along for free!
Use voucher code XCEMPQ5U at checkout for 50% 2 tickets!
More about Richard Preece
An experienced organisational agility and resilience ‘hybrid’ consultant and leader. He connects business and technical leadership of digital innovation cyber resilience and data protection.
He works collaboratively, is discovery driven and adept at integrative decision-making to navigate the balance of innovation, agility and resilience. Works closely with business, customers and subject matter experts to align outcomes, manages risks and resources; enhances reputation whilst communicating with simplicity and clarity.
