Emma Radmore & Michael Lewis of Womble Bond Dickinson consider the drivers & concerns for UK financial institutions
- While financial resilience is obviously important, operational resilience is just as vital. Critical services that a firm provides to its customers must be reliably available.
- This article addresses the UK regulatory position, as well as the governance, policies and procedures that firms need to have in place.
In today’s climate, resilience is essential for all businesses, and each industry sector has its own critical needs. For financial institutions, the commercial and economic drivers are supplemented by significant regulatory requirements.
Financial resilience is of course fundamentally important. Conceptually, it is easy to understand, even though for many financial institutions the devil of the detail of what financial resources must be held and in what instruments is not so straightforward.
Operational resilience is equally important. Critical services that a firm provides to its customers must be reliably available, so everything that underpins them must be as safe as it can be. Being
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