Operational Resilience for Financial Institutions

This document is a guide on operational resilience (OR) tailored for financial institutions (FIs). It outlines the growing necessity for FIs to prioritize OR due to increasing disruption risks stemming from complex IT systems and third-party dependencies. The guide emphasizes a shift from traditional business continuity management (BCM) and disaster recovery (DR) strategies to a more holistic, business-led approach that focuses on protecting critical services and ensuring continuity across the entire service value chain. It discusses global standards set by the Basel Committee and regulatory frameworks like the EU’s Digital Operational Resilience Act (DORA) that reshape resilience strategies. Additionally, it addresses the importance of collaboration across the industry and highlights the need for FIs to adopt proactive measures in their risk management strategies. The document also presents a structured approach to embedding resilience into daily operations and outlines key challenges organizations face in implementing effective OR practices.