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 Section

Guidance will be updated periodically, when there are sufficient changes or revisions to make updates worthwhile.  They will be version controlled and published here.

Regulatory documents  
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

Launch Event

The Operational Resilience Working Group launched guidance to the market on 29 April 2021.

Download presentation slides


Guidance document
Operational Resilience Working Group Guidance document v1.0 290421  

Version Control:
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

Market Benchmarking

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
June 2021 
September 2021
December 2021
March 2022

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:

  1. respond individually where possible,
  2. update the FAQ where appropriate,
  3. update the guidance where necessary.



Contact us

Matt Wood
Head of Technology

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Committee members

View current Committee members.

Frequently Asked Questions

Q: Is there a conflict between paragraph 4.19 and 4.21 in the guidance which talks about the PRA impact tolerances, they seem to contradict each other? 
   
 A:  No, the guidance is not in conflict with itself, the key phrase in 4.19 is ‘stability of the UK market’. 


There are 3 PRA objectives:

  1. Stability of the UK Market,
  2. Safety and soundness of the firm,
  3. Policyholder protection

4.19  only refers to bullet one and para 4.21 to bullets 2 and 3



If you have any enquiries please contact Matt Wood: matt.wood@lmalloyds.com.