Celent has released a new report, entitled: Resilience Moves from Program to Performance.
Starting in 2021, a wave of operational resilience regulation introduced a new regulatory environment for banks across the globe. The run-up to these deadlines has spurred waves of transformation across the financial services industry.
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Now the risk and compliance teams within banks implementations of operational resilience programs such as DORA are well underway. Chief Risk Officers are handing over responsibility for day-to-day execution of operational resilience to the banks’ line of business executives.
How do a firm’s GRC software needs change post-implementation?
Are banks better served by adding an operational resilience module from their established GRC vendor which focuses on compliance and documentation? Or should they implement a software package purpose-built for actively managing the resilience of the FI?
Why this topic, what is Celent’s angle?
Now that the final deadlines for regulations such as DORA and other operational resilience mandates across the globe have come and gone, responsibility for resilience has shifted from Risk and Compliance function to the lines of business. LOB execs are now monitoring the resilience of the business and reporting up to senior management on it. Firms need to decide how actively they want to support these activities through enterprise risk management technology.
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By GlobalDataFurther information including how to access the full report is available via this link.
