Operational resilience in the context of financial services, refers to the ability of firms, their groups, and the financial sector as a whole to prevent, adapt to, respond to, recover from, and learn from operational disruptions. From time to time, disruptions will occur which will prevent firms from operating as usual and see them unable to provide their services for a period.
With an ever increasing interconnectedness of financial systems and industry, and the complex and dynamic environment in which firms operate, the regulators consider there is a need for a proportionate minimum standard of operational resilience that incentivises firms and, where relevant, their groups to prepare for disruptions and to invest where needed.
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