Operational Resilience and Business Continuity Frameworks

This technical report discusses the evolution from traditional business continuity planning (BCP) to operational resilience in the financial services industry. It outlines the key differences between these two approaches, emphasizing that operational resilience focuses on maintaining critical services during disruptions rather than merely recovering from them. The report details how regulatory frameworks, such as the Bank of England's operational resilience framework and the European Union's Digital Operational Resilience Act (DORA), have shifted expectations towards continuous service availability. The document explains the importance of impact tolerance setting, comprehensive scenario planning, and robust data integration capabilities. It also highlights the need for organizations to adapt their governance structures, testing methodologies, and technology infrastructures to support operational resilience objectives. By adopting these practices, financial institutions can enhance their ability to manage operational risks and maintain customer confidence during challenging times.