BoE / FCA / PRA - Operational Resilience Within C2's BCMS

As a Business Continuity & Operational Resilience Software provider we have been following the development of the financial industries supervisory authorities policy on Operational Resilience with a close and watchful eye.

The consultations proposed requirements and expectations for firms and FMIs to:

- identify their important business services by considering how disruption to the business services they provide can have impacts beyond their own commercial interests;

- set a tolerance for disruption for each important business service; and

- ensure they can continue to deliver their important business services and are able to remain within their impact tolerances during severe (or in the case of FMIs, extreme) but plausible scenarios.

On March 2022 the implementation periods ends and the start of the 3 year transitional period comes into effect. During this time organisations must be able to demonstrate their adherence to the new regulations and remain within their service impact tolerances as soon as is reasonably practicable.

Since the early discussions in late 2018 to the publication of the joint official policy on March 29th 2021, C2 has been developing a dedicated module that will allow both existing and new financial clients to satisfy the impending regulations with as little disruption as possible. In collaboration with some of the worlds largest banks C2 has developed a complete software solution for the automation of FCA/PRA Compliance providing organisations with an intuitive, efficient, effective workflow for identifying, analysing and protecting an organisations Important Business Services.

The module provides everything you need to:

• Create and assign ownership of your Important Business Services (IBS) and sub processes
• Analyse Important Business Services through a complete Important Business Services Impact Analysis (IBSIA)
• Through the IBSIA capture description of services, capture service impacts, capture tolerances, and map resources/critical dependencies
• Create, manage, and test Important Business Service Continuity Plans (IBSCP)
• Create, manage, and test plausible scenarios
• Create and manage IBS related Risks
• Assess yourself against the FCA guidelines and any other standard via our IBS Self Assessment tool
• View your programmes performance across all IBS related activities such as IBSIAs, IBS Plans, IBS Risks, IBS Actions, IBS Self Assessments
• Build upon your BC programme / data with the addition of service provision consideration during your BIA resulting in a drastic reduction to the level of analysis required on your Important Business Services

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