Operational Resilience Working Group
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Important Business Service - selection criteria and scoring (rationale), see below.
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 3rd 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
Members of the Working Group are listed here
. It is Chaired by Rachel Oliver (Brit)
Guidance will be updated periodically, when there are sufficient changes or revisions to make updates worthwhile. They will be version controlled and published here.
Operational Resilience Forum
Forum dates are 7th July; 21st July; 4th August, 1100-1200
It’s good to talk. And listen. The Forum is both to discuss and inform:
1. help share a sense of all being in it together and not alone, especially across common services
2. provide a sounding board for ideas and current thought processes and approaches to OpRes and Q&A of peers – how have others approached certain aspects of OpRes so far
3. an opportunity for the Working Group to provide informal progress and outputs updates, and also listen, to get feedback and direction.
They will be themed around key OpRes subjects .e.g Important Business Services, Impact Tolerances.
We’ll take a break for the remainder of August and resume in September assuming the first three have proven useful.
Please use this link to add your name to the Forum meeting invitations.
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.
| 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