Bank of England’s Prudential Regulation Authority to Improve UK’s Operational Resilience
The Bank of England’s Prudential Regulation Authority (PRA) is taking the lead in enhancing operational resilience in the UK. The move is aimed at protecting consumers, financial stability, and market integrity.
Improving Operational Resilience
The PRA is responsible for ensuring that financial institutions are prepared to withstand disruptions caused by events such as cyber attacks, IT failures, and natural disasters. The regulator’s operational resilience plan outlines expectations for firms to identify their most important business services and systems and prioritize their protection.
Collaboration with Firms
The PRA is working closely with financial institutions to ensure that they are meeting the necessary standards. A recent joint exercise called Operation Resilience involved the PRA and over 40 firms testing their ability to respond to a cyber attack. Such exercises help to enhance industry-wide preparedness for potential disruptions.
Ensuring Continuous Service
The PRA’s operational resilience plan is designed to ensure that firms can continue to provide important services in the event of a disruption. It aims to reduce the risk of harm to consumers and mitigate potential damage to the financial system.
The Bank of England’s Prudential Regulation Authority is leading the way in improving operational resilience in the UK. The regulator’s plan helps to ensure that financial institutions are better prepared for events that could cause significant disruptions and harm customers and the wider market. By working closely with firms and conducting regular testing, the PRA aims to enhance industry-wide preparedness for potential disruptions.