Operational Resilience within financial services
A seismic outage for TSB Bank led to fines of £48 million for operational risk management and governance failures in 2022. Upon acquisition, the bank attempted to transfer its data between systems over the course of three years. And while the data transfer was successful, the system switch led to severe in-branch errors, with many customers also locked out of their online accounts.
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Stand the resilience test – OSFI adds to the operational resilience conversation
In line with measures other regulators have taken, OSFI released its final Guideline E-21 on operational risk and resilience, which outlines expectations for firms to prepare for and respond to disruptive events that could affect business operations.