What Principles for Operational Resilience requires
This document promotes a principles-based approach to improving operational resilience for banks, building upon the Basel Committee's Principles for the Sound Management of Operational Risk (PSMOR). It defines operational resilience as the ability of a bank to deliver critical operations through disruption. This ability enables a bank to identify and protect itself from threats and potential failures, respond and adapt to, as well as recover and learn from disruptive events in order to minimise their impact. The principles apply to banks and aim to strengthen their ability to absorb operational risk-related events such as pandemics, cyber incidents, technology failures, and natural disasters, which could cause significant operational failures or wide-scale disruptions. The core obligation is for banks to establish an effective operational resilience approach that assumes disruptions will occur and takes into account the bank's overall risk appetite and tolerance for disruption. A bank's tolerance for disruption is defined as the level of disruption from any type of operational risk a bank is willing to accept given a range of severe but plausible scenarios. The principles are organized across seven categories: governance, operational risk management, business continuity planning and testing, mapping interconnections and interdependencies, third-party dependency management, incident management, and resilient information and communication technology (ICT) including cyber security. These practices are intended to be integral parts of a bank's forward-looking operational resilience approach.
Pillar: Banking & Global Finance · Authority: Basel Committee on Banking Supervision · Version: 1.0.0 · Last updated:
Primary source: https://www.bis.org/bcbs/publ/d516.pdf
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Primary Citations — 8 traced to source
- Paragraph 11: The Committee defines operational resilience as the ability of a bank to deliver critical operations through disruption.
- Principle 1: Banks should utilise their existing governance structure to establish, oversee and implement an effective operational resilience approach that enables them to respond and adapt to, as well as recover and learn from, disruptive events in order to minimise their impact on delivering critical operations through disruption.
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