Maximize disruptive technologies to strengthen operational resilience
Roundtable writeup: Does the forthcoming operational resilience regulation provide opportunities to learn from other industries and drive innovation?
Globally, financial institutions are challenged with increased disruption of important business services. Led by the Bank of England (BoE), Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), globally, regulators in multiple jurisdictions want financial institutions to strengthen operational resilience. They have asked firms to make a ‘step change’ and recommend the following process:
Identify the most important business services and the processes that underpin those services
Map end to end all critical components that provide important services (technology, data, processes, 3rd party suppliers, people and property)
Stress test for severe but plausible scenarios
Assess the impact of change and evaluate severe but plausible scenarios
Invest determine where to invest based on important business services
Communicate effectively when disruptions occur
To address the challenges and step change required by the regulators, firms need to put in place stronger operational resilience capabilities with a continuous review of processes and procedures. This way, they can deliver business service continuity more effectively and efficiently to better protect customers.
Dassault Systèmes’ 3DEXPERIENCE platform has brought its engineering approach, best practices and technology, used as standard in manufacturing and aerospace, to financial services to strengthen operational resilience. It helps drive operational excellence and innovation and links all key components of important business services – people, property, suppliers and technology, enabling all stakeholders to collaborate effectively across the business. The use of virtual twins enables frequent tolerance testing, swift assessment and response. And communication become business as usual to strengthen operational resilience.
Our 3DEXPERIENCE platform seamlessly integrates customers’ proprietary, deployed operational risk tools and connects end-to-end, our range of modular and sophisticated operational resilience capabilities which allow you to:
Leverage Dassault Systèmes' engineering heritage and best practices to enhance your operational resilience needs in a secure environment.
A leading UK high street bank is learning from the manufacturing industry to prevent operational disruptions to important business services and better protect customers. To find out more read the article
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