Navigate Federal Reserve Operational Resilience Standards with Perpetuuiti
Is your organization prepared to meet the Federal Reserve s operational resilience standards by July 1, 2025?
The Federal Reserve Board, along with the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC), issued operational resilience guidelines for financial institutions to enhance their risk management frameworks. These guidelines emphasize the importance of operational resilience in the face of increasing cyber threats and reliance on third-party services.
The guidelines emphasize that financial institutions, particularly large domestic banks, must comply with the outlined operational resilience measures. Institutions are expected to have robust frameworks in place by July 1, 2025. This timeline allows organizations to adapt their operational practices and ensure they are resilient against potential disruptions.
These guidelines are part of a broader effort to bolster the resilience of the financial system and protect consumers amid an evolving risk landscape.
How Perpetuuiti empowers organizations to achieve Federal Reserve operational resilience guidelines
Essential elements of the Federal Reserve's operational resilience guidelines for financial institutions include:
Governance and Oversight
Continuity Patrol and Continuity Vault strengthen governance and oversight by providing comprehensive tools for operational risk management. Continuity Patrol offers real-time dashboards and reporting features that enable boards to monitor resilience metrics, ensuring informed decision-making. Meanwhile, Continuity Vault creates a robust framework for business continuity management, documenting policies, and compliance measures in a centralized repository. Together, they enhance transparency and support institutions in meeting regulatory requirements while fostering a culture of resilience.
Business Continuity Planning
Continuity Vault integrates people, processes, and technology to create intelligent business continuity plans, providing well-defined policies, procedures, and comprehensive information to ensure readiness in the face of 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.
Third Party Risk Management
Continuity Vault enables organizations to configure and automate risk monitoring of third-party providers using built-in control libraries and automated risk assessments. This capability ensures that organizations can conduct thorough due diligence of third parties in accordance with prescribed standards. Continuity Vault maintains a comprehensive register of information related to all contractual arrangements, ensuring conformance with contracting standards. Additionally, it provides continuous monitoring of risks, delivering detailed status and performance reports that include contract compliance metrics.
Scenario Analysis
Continuity Patrol enables automated, continuous testing of systems and processes, crucial for maintaining operational resilience as required by FRBs guidelines. It facilitates stress testing and scenario analysis, allowing organizations to simulate disruptions and assess their impact on critical services, ensuring tolerance for failures.
Ongoing Monitoring
Continuity Patrol provides stakeholders with real-time insights into application data loss and recovery times, empowering them to respond swiftly to potential vulnerabilities. With global recovery audit reporting (as per ISO 22301) and documentation, the suite enables organizations to maintain compliance with regulatory requirements effectively. Additionally, deviation reports for RPO and RTO give executives better insights into recovery performance. In the event of deviations, alerts are generated, offering drill-down functionality for deeper insights into recovery issues.
Cybersecurity Preparedness
Continuity Patrol provides real-time insights that strengthen cyber resiliency management. By aligning with guidelines set by the National Institute of Standards and Technology (NIST), Continuity Patrol allows organizations to continuously monitor their cybersecurity posture and respond promptly to emerging threats. Additionally, the suite enables organizations to recover from cyber disruptions with the fastest Recovery Time Objectives (RTO) in the industry, dramatically limiting data loss and downtime. The suites automated recovery processes and 1-click recovery invocation ensure that institutions can maintain operational continuity in the face of cyber incidents.
Given the rigorous requirements set forth by the Federal Reserve, Perpetuuiti is exceptionally positioned to assist organizations in achieving true operational resilience. Our comprehensive Operational Resilience Automation Platform offers effective solutions for managing operational risks, ensuring critical functions operate within established tolerance levels, and enhancing third party risk management. With features tailored to identify and mitigate risks associated with internal processes, Perpetuuiti empowers organizations to proactively adapt their systems. By partnering with Perpetuuiti, financial institutions can develop a resilient operational framework that not only complies with regulatory standards but also strengthens overall business continuity and performance.