On 1 December 2021, the Central Bank published cross-industry operational resilience guidelines (the Guidelines) for regulated financial service providers (RFSPs). The Guidelines, which were preceded by an industry consultation process (CP140) earlier this year, set out a recommended approach for ensuring operational resilience through the management of disruptive events under the three pillars of (i) identify and prepare; (ii) respond and adapt; and (iii) recover and learn. The Guidelines, which are additional to and do not supersede RFSP governing regime rules, should be applied by RFSPs on a propionate basis taking account of a firm’s nature, scale and complexity.

Contributed by Nessa Joyce