Operational Resilience (OR) is a Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) requirement. The requirement is being introduced to ensure that financial services organisations can operate in a resilient and robust way should disruption occur, plans are in place to minimise this for customers/policyholders and recover in a reasonable timeframe.
Lloyd’s have collaborated with the LMA to produce guidance material for all in scope Coverholders (CH) and Delegated Claims Administrators (DCAs). They will be required by their Managing Agent to complete an operational resilience questionnaire that has been designed by the market to allow them to better understand the CHs/DCAs current approach to being operationally resilient, and to gather information on any gaps of Operational Resilience the CH/DCA currently have in withstanding disruption to Important Business Services (IBSs), that would cause intolerable harm to customers should that disruption occur.
Download Operational Resilience guidance