Operational Resilience Self-Assessments Trends and Observations Report

This report is a trends and observations document focusing on Operational Resilience self-assessments within the context of UK regulatory expectations. It outlines the purpose of assessing operational resilience frameworks in firms, which must be fully embedded by March 31, 2025. The report details the progress made by managing agents over the past three years, highlighting areas that require further development, such as the clarification of regulatory definitions and the maturity of testing frameworks. It presents findings from the latest self-assessments, noting that while there has been significant improvement in maturity, some agents failed to submit updated assessments. The report emphasizes the importance of setting impact tolerances and conducting thorough testing, including crisis communication plans. It also discusses the need for firms to prioritize vulnerabilities discovered during assessments and integrate them into their operational resilience strategies. The document concludes with recommendations for managing agents to enhance their frameworks ahead of the regulatory deadline.