The BCI Operational Resilience Report 2024 - sponsored by Riskonnect - has been launched in a pivotal year for the financial services sector, coinciding with critical deadlines for compliance with various regulations, including the EU Digital Operational Resilience Act (DORA) and the UK FCA/PRA/Bank of England requirements. As organizations prepare for these deadlines, the report reveals that while confidence in meeting regulatory targets has slightly declined, most organizations in the UK finance and banking sector remain optimistic about their operational resilience capabilities.
Regulatory compliance is now the primary driver for adopting operational resilience programs, with nearly 60% of organizations also pursuing these initiatives for best practices. Notably, the report highlights a significant increase in organizations motivated by third-party guidance, rising from 40.3% to 47.3%. This shift indicates a broader recognition of the importance of operational resilience beyond the financial sector, as organizations increasingly acknowledge the need to manage relationships with stakeholders adhering to regulatory standards.
The report also underscores the growing impact of operational resilience regulations across various sectors, with 66.2% of organizations complying with multiple regulatory schemes. This compliance often necessitates additional resources, particularly for organizations operating internationally. Despite the lack of a universal definition for operational resilience, key processes such as identifying critical business services and suppliers are widely recognized as essential by the majority of organizations.
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