Customer Logins

Obtain the data you need to make the most informed decisions by accessing our extensive portfolio of information, analytics, and expertise. Sign in to the product or service center of your choice.

Customer Logins

My Logins

All Customer Logins
S&P Global Market Intelligence

  • S&P Global
  • S&P Dow Jones Indices
  • S&P Global Market Intelligence
  • S&P Global Mobility
  • S&P Global Commodity Insights
  • S&P Global Ratings
  • S&P Global Sustainable1
Close
Discover more about S&P Global’s offerings
Investor Relations
  • Investor Relations Overview
  • Investor Presentations
  • Investor Fact Book
  • News Releases
  • Quarterly Earnings
  • SEC Filings & Reports
  • Executive Committee
  • Corporate Governance
  • Merger Information
  • Stock & Dividends
  • Shareholder Services
  • Contact Investor Relations
Languages
  • English
  • 中文
  • 日本語
  • 한국어
  • Português
  • Español
  • ไทย
About
  • About Us
  • Contact Us
  • Email Subscription Center
  • Media Center
  • Glossary
Product Login
S&P Global Market Intelligence
  • Who We Serve
  • Solutions
  • News & Insights
  • Events
  • Product Login
  • Request Follow Up
  •  
    • Academia
    • Commercial Banking
    • Corporations
     
    • Government & Regulatory Agencies
    • Insurance
    • Investment & Global Banking
     
    • Investment Management
    • Private Equity
    • Professional Services
  • WORKFLOW SOLUTIONS
    • Capital Formation
    • Credit and Risk Solutions
    • Data & Distribution
    • Economics & Country Risk
    • Sustainability
    • Financial Technology Solutions
     
    • Issuer & IR Solutions
    • Leveraged Loans
    • Post Trade Processing
    • Private Markets
    • Risk, Compliance, & Reporting
    • Supply Chain
    PRODUCTS
    • S&P Capital IQ Pro
    • S&P Global Marketplace
    • China Credit Analytics
    • Climate Credit Analytics
    • Credit Analytics
    • RatingsDirect ®
    • RatingsXpress ®
    • 451 Research
    See More S&P Global Solutions
     
    • Capital Access
    • Corporate Actions
    • KY3P ®
    • EDM
    • PMI™
    • BD Corporate
    • Bond Pricing
    • ChartIQ
  • CONTENT
    • Latest Headlines
    • Blog
    • Research
    • Videos
    • Infographics
    • Newsletters
    • Client Case Studies
    PODCASTS
    • Economics & Country Risk
    • IR in Focus
    • Maritime and Trade Talk
    • Masters of Risk
    • Next in Tech
    • Private Markets 360°
    • Street Talk
    SEE ALL EPISODES
    SECTOR-SPECIFIC INSIGHTS
    • Differentiated Data
    • Banking & Insurance
    • Energy
    • Maritime, Trade, & Supply Chain
    • Metals & Mining
    • Technology, Media, & Telecoms
    • Investment Research
    • Sector Coverage
    • Expert Directory
    More ways we can help
    NEWS & RESEARCH TOPICS
    • Credit & Risk
    • Cryptocurrency
    • Economics & Country Risk
    • Financial Services
    • Liquidity Crunch
    • Maritime & Trade
    • M&A
    • Sustainability & Climate
    • Technology
    See More
    • All Events
    • Webinars
    • Webinar Replays
    Featured Events
    WebinarExplore the Impact of Sustainability on the Real Estate Sector for 2024 and Beyond
    • 05/30/2023
    • Live, Online
    • 11:00 am - 12:00 pm EDT
    WebinarHow would you SCoRE your readiness? Preparing for SCoRE standards for Corporate Actions
    • 05/31/2023
    • Live, Online
    • 10:00 am - 11:00 am BST | 11 am - 12 pm CEST
    WebinarThe mining sector investment landscape in the wake of the Inflation Reduction Act
    • 06/01/2023
    • Live, Online
    • 10:00 am - 11:00 am EDT
  • PLATFORMS
    • S&P Capital IQ Pro
    • S&P Capital IQ
    • S&P Global China Credit Analytics
    OTHER PRODUCTS
    • Credit Analytics
    • Panjiva
    • Money Market Directories
     
    • Research Online
    • 451 Research
    See All Product Logins
BLOG Mar 03, 2022

5 insights to prepare for the 31 March Operational Resilience & Risk Requirements deadline

Contributor Image
Will Kendal

Financial services firms are busy making final preparations for the 31 March Prudential Regulation Authority (Bank of England) deadline for new requirements on operational resilience, third party risk management, and outsourcing.

We recently hosted a webinar to discuss implementation of Supervisory Statement (SS1/21 and SS2/21) requirements, the challenges, and the opportunities. It attracted an audience of over 120 professionals across financial institutions. The distinguished panel included representatives from the PRA, HSBC, PwC, and UBS, as well as our own experts.

Here are five key insights from the webinar (removing attribution in accordance with the Chatham House Rule) to help firms prepare for the deadline.

Key insights on PRA SS1/21 and SS2/21
1. Operational resilience requires firms to identify important business services and relevant third parties, set impact tolerances, map, and test. Mapping entire business flows (front, middle, and back office) may be a requirement if they support important business services. Teams often find success adopting a cross-functional approach. Silo-based thinking, in which business verticals plan by themselves, is counterproductive to meeting requirements.

2. In implementing operational resilience requirements, firms should adopt their customer's perspective across offerings and operations and understand how third parties support customer activities. At some organizations, this mindset may never have been applied firmwide. The work done for operational resilience can yield added benefits in unlocking value for customers and improving their experience.

3. Robust third-party risk management and operational resilience work should not be a box-ticking exercise. For instance, firms should assess the materiality of all their third-party arrangements and implement appropriate controls based on these materiality assessments, rather than focusing 'unduly' on whether a given third-party arrangement meets the regulatory definition of 'outsourcing' or not. Likewise, firms should approach their business continuity and exit plans as genuine, practical mechanisms to prepare, respond to and recover from operational disruption rather than as mere regulatory compliance exercises. Whilst the guidelines/regulations are fairly prescriptive, they are also explicitly outcomes-focused and risk-based. Firms should ensure they take a risk-based approach to adoption and remain focused on outcomes rather than tasks.

4. Firms typically have existing systems and teams in place across a range of risk areas, including cyber, information security, business continuity and financial crime. It is vital to leverage existing culture, structures and initiatives when building out operational resilience, rather than build something new. Programs should continue to evolve post March 31; this is not a 'one and done' initiative. Programs should accommodate local/regional requirements.

5. Third-party risk management professionals are difficult to find and retain. Against this background and the growing requirements, the industry recognized that firms must work together to adopt community and technology-driven approaches and standards, including shared assessment offerings. Managed services can also be part of the solution.

How KY3P® by IHS Markit can help
KY3P® helps you manage your end-to-end vendor portfolio lifecycle on a single platform with on-demand, multi-dimensional vendor risk assessments. Our tools let you continuously monitor risk through partnerships with industry-leading data providers that specialize in financial health, cybersecurity ratings, data-breach analysis, location risk, and more. Our managed services scale your third party risk management program, while minimizing constraints caused by the difficulties of attracting and retaining risk management teams.

Posted 03 March 2022 by Will Kendal, Director, Product Management, KY3P, S&P Global Market Intelligence


S&P Global provides industry-leading data, software and technology platforms and managed services to tackle some of the most difficult challenges in financial markets. We help our customers better understand complicated markets, reduce risk, operate more efficiently and comply with financial regulation.


This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.

Previous Next
Recommended for you

Data and Information Services
Trade Processing
Risk and Regulatory Compliance
Financial Technology Solutions

See KY3P in action

REQUEST A DEMO
Related Posts
VIEW ALL
Equities Commentary May 25, 2023

T-Bills trade higher in the repo markets as uncertainty takes hold

Articles & Reports May 24, 2023

Navigating the Challenges and Nuances of Hedging in SA-CVA

Equities Commentary May 23, 2023

Canada Snapshot May 2023

VIEW ALL

Follow Us

Jun 01
SPGMarketIntel@SPGMarketIntel

In Q1 2023, 77% of S&P 500 constituents surpassed EPS expectations vs. S&P Capital IQ Estimates, a 9% increase comp… https://t.co/TZ5uFgp7TG

Jun 01
Jun 01
SPGMarketIntel@SPGMarketIntel

The Securities Finance (Short Interest) dataset, originated from IHS Markit, includes stock loan availability and v… https://t.co/Kh3ETX40FG

Jun 01
Jun 01
SPGMarketIntel@SPGMarketIntel

Ready to move to T+1 Settlement Cycle? We invite you to join our webinar on June 8th, 2023, when our panel of indus… https://t.co/PcwIIfEoKh

Jun 01
Jun 01
SPGMarketIntel@SPGMarketIntel

RT @SPGlobal: .@SPGlobal celebrates #PrideMonth. We honor the experiences of our LGBTQ+ colleagues & allies, and remain committed to their…

Jun 01
{"items" : [ {"name":"share","enabled":true,"desc":"<strong>Share</strong>","mobdesc":"Share","options":[ {"name":"facebook","url":"https://www.facebook.com/sharer.php?u=http%3a%2f%2fwww.spglobal.com%2fmarketintelligence%2fen%2fmi%2fresearch-analysis%2f5-insights-to-prepare-for-the-march-31-operational-resilience-.html","enabled":true},{"name":"twitter","url":"https://twitter.com/intent/tweet?url=http%3a%2f%2fwww.spglobal.com%2fmarketintelligence%2fen%2fmi%2fresearch-analysis%2f5-insights-to-prepare-for-the-march-31-operational-resilience-.html&text=5+insights+to+prepare+for+the+31+March+Operational+Resilience+%26+Risk+Requirements+deadline+%7c+S%26P+Global+","enabled":true},{"name":"linkedin","url":"https://www.linkedin.com/sharing/share-offsite/?url=http%3a%2f%2fwww.spglobal.com%2fmarketintelligence%2fen%2fmi%2fresearch-analysis%2f5-insights-to-prepare-for-the-march-31-operational-resilience-.html","enabled":true},{"name":"email","url":"?subject=5 insights to prepare for the 31 March Operational Resilience & Risk Requirements deadline | S&P Global &body=http%3a%2f%2fwww.spglobal.com%2fmarketintelligence%2fen%2fmi%2fresearch-analysis%2f5-insights-to-prepare-for-the-march-31-operational-resilience-.html","enabled":true},{"name":"whatsapp","url":"https://api.whatsapp.com/send?text=5+insights+to+prepare+for+the+31+March+Operational+Resilience+%26+Risk+Requirements+deadline+%7c+S%26P+Global+ http%3a%2f%2fwww.spglobal.com%2fmarketintelligence%2fen%2fmi%2fresearch-analysis%2f5-insights-to-prepare-for-the-march-31-operational-resilience-.html","enabled":true}]}, {"name":"rtt","enabled":true,"mobdesc":"Top"} ]}
Filter Sort
  • About Us
  • Quality Program
  • Contact Us
  • Email Subscription Center
  • Press Releases
  • Careers
  • Corporate Responsibility
  • Our History
  • Investor Relations
  • Leadership
  • © 2023 S&P Global
  • Terms of Use
  • Cookie Notice
  • Privacy Policy
  • Disclosures
  • Do Not Sell My Personal Information