With threat drivers on the increase, from global pandemics to geopolitical risk, regulators around the world are keen that financial institutions strengthen their operational resilience. The HKMA (Hong Kong Monetary Authority) is no exception and has proposed significant changes to its supervisory policy manual to ensure that banks within its remit are well prepared and aligned with new Basel Committee principles.
Under the HKMA’s confirmed timeline, by May 31, 2023, authorized institutions are expected to have i) developed an operational resilience framework; and ii) determined the timeline by which they will have implemented the framework and become operationally resilient. By May 31, 2026, authorized institutions are expected to be operationally resilient. Banks will need to make a timely start to the compliance journey if they are to turn operational resilience into a continuously improved organizational capability rather than a tick box exercise.
This paper looks at the timeline for taking action and the series of steps that financial institutions need to take to improve operational resilience – while offering insights drawn from our experiences in this area to catalyze industry thinking.
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