As part of this exercise, the FCA assessed Firms’ ability to:
- plan for and manage business continuity events
- implement business continuity contingencies including communications
- recover and return to normal service following an event
- identify potential or actual consumer harm and remediate where necessary
The report sets out examples of good practice and potential areas for enhancement in three key areas – planning and preparation, response and recovery.
The report reiterates that Firms should familiarise themselves on detail within the discussion the FCA published in collaboration with the PRA as well as the relevant sections of the Handbook.
It further concludes that Firms should continue to self-assess their operational resilience plans and processes and confirms that operational resilience will continue to be a key consideration for the FCA in line with its 19/20 Business Plan.