Empower Your Organization to Meet FCA/PRA Standards with Perpetuuiti
Are you ready for the PRA and FCAs new operational resilience standards effective March 31, 2025?
The U.K. Prudential Regulation Authority (PRA), alongside the Financial Conduct Authority (FCA), introduced a regulation on operational resilience for financial institutions titled Operational Resilience: Impact Tolerances for Important Business Services in March 2021, with subsequent updates in March 2022. These regulations, which also include guidelines on outsourcing and third party risk management, came into effect in March 2022. They require financial institutions to withstand, recover from, and learn from operational disruptions, ensuring greater preparedness for future challenges.
How Perpetuuiti enables organizations to meet PRA and FCA operational resilience guidelines
The PRA and FCA operational resilience guidelines emphasize the following key areas to enhance the resilience of financial institutions:
Important Business Services
This refers to services that would cause intolerable damage to consumers or the market if they were disrupted.
Impact Tolerances
Continuity Patrol enables organizations meet impact tolerance requirements by providing continuous monitoring and automated testing of critical business services. It ensures that these services can endure disruptions within predefined thresholds. By detecting potential risks early, it allows timely intervention before impact tolerances are exceeded.
Additionally, Continuity Patrol offers scenario-based planning, and resilience testing. It enables the proactive detection of potential risks and the swift execution of predefined protocols, reducing human error and ensuring consistent compliance. Moreover, by implementing recovery drills on demand, organizations can assess their readiness at any given time. These features not only help maintain operational continuity but also provide detailed metrics and reports, demonstrating compliance with FCA standards.
Mapping and Scenario Testing
Continuity Vault helps organizations map the resources needed to deliver important business services, including personnel, processes, technology, and facilities. It streamlines resource mapping, providing clear visibility into dependencies, while offering continuous updates on resource availability to keep continuity plans aligned with operational resilience requirements.
Continuity Patrol enables automated, continuous testing of systems and processes, crucial for maintaining operational resilience as required by FCA guidelines. It facilitates stress testing and scenario analysis, allowing organizations to simulate disruptions and assess their impact on critical services, ensuring tolerance for failures.
Real-Time Incident Management
Continuity Patrol monitors critical business functions in real time, detecting potential disruptions early to enable swift response. This proactive incident management helps firms meet FCA requirements by minimizing downtime and mitigating the impact on customers and markets, aligning with the FCAs focus on reducing harm during operational disruptions.
Business Continuity Management
Continuity Vault seamlessly integrates business continuity planning with operational processes, enabling firms to map dependencies and prioritize recovery efforts in line with FCA standards. Additionally, the software facilitates the creation of intelligent business continuity plans, offering well defined policies, procedures, and comprehensive information to ensure organizations are fully prepared for potential disruptions.
With the power of GenAI, Perpetuuiti s Continuity Vault takes business continuity management (BCM) beyond traditional methods. At the heart of this innovation is Susan, an intelligent GenAI BCM consultant integrated into Continuity Vault. Susan assists organizations in analyzing risks, prioritizing critical business functions, and generating tailored continuity plans based on real time data and insights. Continuously learning from past disruptions, Susan optimizes recovery strategies to ensure your organization is always prepared for any crisis.
Governance and Self-Assessment
Continuity Vault supports communication and self assessment requirements by enabling organizations to implement robust internal and external communication plans in the event of a service disruption. The platform sends real time alerts and notifications to relevant stakeholders, ensuring that everyone is informed promptly. Additionally, it facilitates self assessment by continuously monitoring operational resilience, automating the tracking and documentation of disruptions, and generating reports that help organizations evaluate their resilience and meet FCA/PRA documentation requirements.
Preparing Documentation
Continuity Patrol provides comprehensive ISO 22301 certified reports and metrics on critical factors like recovery times, system vulnerabilities, and resilience benchmarks. This data ensures that firms can clearly identify any updates to their services and assess their ability to manage disruptions.
Transitional Arrangements
Continuity Patrol and Continuity Vault support organizations during the FCA/PRAs transitional period by continuously monitoring operational resilience and ensuring firms stay within their impact tolerances. These suites enable automated testing, scenario analysis, and centralized management of continuity plans, helping businesses maintain compliance and demonstrate readiness through 2025.
While the operational resilience requirements set forth by regulators may appear complex, their core purpose is straightforward: ensuring your organization is prepared for the worst. The FCA expects you to maintain resilience and continue providing essential services to your customers whenever needed. Meanwhile, the PRA emphasizes the importance of preventing disruptions, adapting to incidents, and promptly returning to normal operations.
Perpetuuiti is here to simplify this journey for you. Our Operational Resilience Platform equips your organization with the tools and insights necessary to enhance operational resilience. By enabling you to proactively identify risks, develop effective response strategies, and streamline recovery processes, we empower you to meet regulatory expectations confidently. With Perpetuuiti as your partner, you can transform compliance challenges into opportunities for growth, ensuring you are always prepared for any eventuality.