EVENT: PwC Lunch on Operational Resilience
Date: 26th June, 2019 Time: 01:00 pm - 02:30 pm
PwC hosted a lunch in our offices on 'Operational Resilience'. It was led by Lewis McKenzie and Simon Chard, both of whom work in PwC's London office and who advise banks and companies how how to avoid operational disruption, and how to manage disruptions if they occur.
Mr. Chard commented that the next big banking crisis is likely to arise from an operational failure and he urged banks to think in detail about their operational linkages and dependencies. He cited the examples of banks that have been caught out by operational failures in recent years, sometimes being fined by regulators for their failure to protect customers and themselves.
Both Mr. McKenzie and Mr. Chard urged those present to collaborate in order to better protect themselves against operational failures. They stressed that collaboration is a very effective way to enhance opertaional resilience within an individual firm. The Arab Bankers Association is already making plans to convene such a group among its members.
The PwC experts also cited some useful research on the subject of operational resilience:
Operational Resilience in Financial Services: time to Act is a report published jointly by TheCityUK and PwC in June 2019.
The FCA's Final Notice on the cyber attack on Tesco Bank also provides useful insight on how operational resilience can bread down, and the consequences.
The Basel Committee on Banking Supervision is expected to issue principles on operational resilience in banks soon.
Simon Chard can be contacted at firstname.lastname@example.org
Lewis McKenzie can be contacted at email@example.com
The photograph above shows (L-R) Hani Salem, from PwC (who is also the ABA's Treasurer), Lewis McKenzie, from PwC and George Kanaan, the ABA's CEO.
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