Operational Resilience Working Group
The Group is chaired by Rachel Oliver, Head of Operational Agility, Brit Insurance and more information is available through the Committee Secretary Matt Wood, Head of Technology, LMA.
Terms of Reference
The Working Group fulfilled its original objectives in the publication of guidance to the market. Starting from April 2021 it will continue its work for the next 12 months under a new terms of reference which will focus on:
- approach to third parties: brokers, coverholders, DCAs
- approach to common service providers : DXC, PPL, LIMOSS, and others
- market-wide framework: market testing, supervisory, engagement of third parties
- Responding to feedback and questions to the guidance as firms begin or continue their own OpRes planning
- continue with market benchmarking of progress and playing this back to Managing Agents
- work with the LMA Virtual Academy to help develop market training.
Guidance will be updated periodically, when there are sufficient changes or revisions to make updates worthwhile. They will be version controlled and published here.
FCA - Building Operational Resilience PS21/3
Operational Resilience: Impact Tolerances for Important Business Services
PRA Outsourcing and Third Party Risk Management PS7/21
Statutory Instrument 2021 /14
LMA Response FCA CP19/32
LMA Response PRA CP29/19
The Operational Resilience Working Group launched guidance to the market on 29 April 2021.
Download presentation slides
Operational Resilience Working Group Guidance document v1.0 290421
Current Version - v1.0 published 29th March 2021
Artefacts to the Guidance document
Self Assessment PowerPoint Summary Page Template
Self Assessment Excel Template
Important Business Services Mapping Document
ORCG Scenario Testing Guidance v1
The Working Group has/will publish surveys to the market on a quarterly basis through to March 2022 and publish the results here to allow members to compare their relative progress against peers.
March 2021 Results
Providing Comments or Feedback to the Working Group
Your comments, feedback and questions are not just welcomed, but essential. Tell us what you like, what you don't like, or what you don't understand!
As a result of feedback we will:
- respond individually where possible,
- update the FAQ where appropriate,
- update the guidance where necessary.