Andrew Husband, Partner and Head of Operational Resilience commented on the joint discussion paper from the PRA and FCA on operational resilience.
Commenting on the joint discussion paper from the PRA and FCA on operational resilience, Andrew Husband, Partner and Head of Operational Resilience, KPMG UK says:
“Today’s publication is a deliberately encouraging discussion but, make no mistake, it is a strong signal of intent from the regulators that firms need to take action. Operational resilience has rapidly moved up the regulatory agenda in the face of technology issues, supply chain and cyber concerns and the PRA and FCA are at the forefront of the global thinking on this.
“Every aspect of end-to-end business services, from staff to third party suppliers, needs to be looked at through an ‘operational resilience’ lens, with a focus on both protecting financial stability and consumers when, not if, the worst happens.
“Boards need to be fully accountable for all aspects of operational resilience and they will be held to account.”
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About KPMG in the UK
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 14,500 partners and staff. The UK firm recorded a revenue of £2.2 billion in the year ended 30 September 2017. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and territories and has 200,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.