The report ‘Operational resilience in financial services: time to act’, by TheCityUK in collaboration with PwC, underlines the importance for firms across the financial and related professional services industry to be operationally as well as financially resilient – and the significant commercial and reputational benefits of doing so.
The report stresses how operational threats such as cybercrime, climate change and technological innovation are becoming inevitabilities rather than possibilities. How firms deal with these risks, how they prevent or recover from them, and how they protect customers will be critical to maintaining their reputation, future competitiveness and long-term sustainability.
It also makes clear that operational resilience cannot be achieved in isolation; cross-sector collaboration as well as close engagement with, and action from, regulators is essential. The report makes a series of recommendations for industry and regulators to take forward to enhance operational resilience.