Operational Resilience Working Group
Purpose
The topic of Operational Resilience is increasingly becoming part of the regulators’ requirements. ISSA anticipates that there will be a need for firms to both request, and provide, evidence and attestation around operational resilience standards. The purpose of the Operational Resilience Working Group will therefore be to assist our members understand and deal with future operational resilience requirements.
Scope
The scope of the Working Group will be to explore how a firm can assess, mitigate and rapidly – but safely – recover from the impact of operational issues by leveraging a consistent methodology (excluding financial impacts which were covered in the Recovery, Resolution and Resilience Working Group). The aim will be to enable process alignment and standardization in order to minimize the administrative burden on the industry.
Key Deliverables
The key deliverables will be:
- To agree an ISSA WG definition and effective Securities Services framework for Operational Resilience
- To provide an inventory of the current regulations in place or being considered
- To understand the challenges that ISSA members may be facing with the Operational Resilience frameworks and consider potential solutions to resolve these challenges
- To analyze and agree which standard components should exist to support adoption of the framework
Key Outcomes
- To determine concrete steps that respond to market developments and design a mechanism/framework to support this (potentially similar to the ISSA FCC Questionnaire).
Reports
TBD
Working Group Co-Chairs
- Alejandra Glass, DTCC
- Simon Shepherd, Myriad Group Technologies
Executive Sponsor
Ivan Nicora, Euroclear
Institutions represented by Experts in the Working Group
- Aite Novarica
- BNY Mellon
- Cognizant
- Deutsche Börse
- Euroclear
- Hong Kong Exchanges & Clearing
- ISSA
- Myriad Group Technologies
- U.S. Bank
- SIX Group
- Strate
- Swiss-Re