US Federal bank regulatory agencies publish paper on operational resilience
- Published: Tuesday, 03 November 2020 08:39
Federal bank regulatory agencies have released 'Sound Practices to Strengthen Operational Resilience', a paper outlining sound practices designed to help large banks increase operational resilience ‘in the face of internal and external operational risks that, left unchecked, could lead to a wide-scale disruption’.
Prepared jointly by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, the paper outlines practices to increase operational resilience that are drawn from existing regulations, guidance, statements, and common industry standards.
The practices 'are grounded in effective governance and risk management techniques, consider third-party risks, and include resilient information systems. The paper does not revise the agencies' existing rules or guidance'.
The paper applies to domestic US banks with more than $250 billion in total consolidated assets or banks with more than $100 billion in total assets and other risk characteristics.
Read the paper (PDF).