Recent operational failures in financial services have driven regulators to force organizations to adopt a more mature approach to risk management. Regulators have outlined a framework that connects the dots between risk and recovery to guide the finance sector along a path to operational resilience.
The reality is that implementing risk management processes within an existing infrastructure can create obstacles for some companies. Download our new Operational Resilience Handbook as we explore five obstacles to complying with the upcoming regulatory changes in financial services and how to overcome them.
These are some of the obstacles that the finance sector could face when implementing the new operational resilience framework:
- The company’s risk culture is siloed
- Continuity and recovery testing exercises are inconsistent or incomplete
- Third-party vendor risk management is ineffective
- Disparate risk management platforms provide a fractured lens of the risk environment
- Organizations underestimate the resilience maturity curve