Business Resilience - Maturity Assessment

Operational, Technology and Cyber

“Key areas of focus for the FCA include operational resilience in light of coronavirus, financial resilience (and within that the preservation of client assets and money) and acting with integrity”.

 

“This includes firms’ assessments of operational risks, their ability to continue to operate effectively and the steps they are taking to serve and support their customers.” 

Megan Butler (FCA Executive Director – Supervision), 4th June 2020

Why is this important and why now?

  • Priority focus for Global regulators, particularly PRA & FCA:

    • UK regulators (PRA & FCA) are determined to mitigate operational resiliency risk across the Financial Services sector. Operational resiliency draft rules are likely to become policy by late 2020/early 2021. Last industry feedback (CP 29/19) has been extended to Oct. 2020 due to C0VID 19.
    • The regulators have clearly stated they will ‘use all the regulatory tools in their toolkit’ and ‘expect SMFs to be accountable’.
  • Reduce operational losses and release regulatory capital:

    • Over time, resiliency enhancements show meaningful reduction in outages, downtime and operational losses.
  • Make better informed capital investment decisions: 

    • Adopting an ‘end to end’ resilient mindset drives investment spend to prioritised critical systems ‘crown jewels’ of a firm’s process effectively.
  • Drive better accountability across firm:

    • Impact tolerances for critical business services help senior leadership manage resilience risk according to their legal entities risk appetite, in line with SM&CR.

To ensure you fully understand your firm’s current status and the gaps that need to be closed to meet regulatory requirements, SH Consulting will provide a comprehensive maturity assessment of your Business Resilience capability across Technology, Cyber and Operations.  Designed and led by our Practice Lead, ex-FCA Supervisor, our review process encompasses the latest thinking on the topic and from both a regulatory and business perspective.

Our Practice Lead has previously run supervisory teams at the FCA (fixed & thematic) overseeing the UK Custodian & Administration industry, and Large Asset Managers of Complex FS groups. They have led numerous FCA reviews that face wholesale financial services such as Operational Resilience, oversight of outsourcing/third parties inc. Portfolio Management Tools, Change risk, Big Data/ ML risks, Algo Compliance and Hard to Value Assets. 

Following completion of the Maturity Assessment, your Review Recommendations Report will include:

 


Detailed Test Gap Analysis Report & Risk Profile

 


Roadmap for future improvements (in line with FCA priorities)

 

Interactive Workshop to present findings and recommendations

To understand more how we can help, please contact Oli Templeton.

Why engage SH Consulting?

  • Agility – delivery and results focussed consultancy partnering with businesses to deliver and effect change.
  • Capability – de-risk the chance of a failure by engaging consultants with both senior ex-practitioner experience and consultancy experience, ensuring senior practical and proven delivery capability is brought to the table to replace the theoretical rhetoric.
  • Value – compared to the traditional management consultancies we represent on average a 50% saving when providing like-for-like advisory and programme delivery services.
  • Rigour every employed consultant and member of our associate network has been thoroughly referenced, to ensure delivery capability and reliability.
  • Experience – over 27 years in delivering change and transformation programmes for clients across the Asset & Wealth Management space.
  • Oversight –  along with the programme lead, our engagement consultants ensure QA oversight and open lines of communication throughout the programme.

Oli Templeton, Director, SH Consulting

Oli leads Sheffield Haworth’s Consulting Solutions practice across Wealth and Asset Management. He works with clients enabling them to effect change and transformation through the provision of agile consulting solutions as well as providing executive level interim support at both ExCo and Board. With 14 years in the industry Oli has a notable track record of delivering senior assignments with a range of clients including Asset Managers, Alternative Investors, Hedge Funds, Private Banks and Wealth Managers and across several different functional and specialist areas, including at CEO, CIO, CFO and COO level. Oli holds a degree in Business Economics from Kingston University.

Contact Oli on +44 (0) 207 213 0796 or email o.templeton@sheffieldhaworth.com