Why has the new software solution been released?
New operational resilience regulations are being implemented in the UK financial services sector. From our conversations with customers and peers, we can see that many organisations in the sector are gearing up for the new regulations. There is also a big demand for expertise in this area, as firms look to fill newly-created positions for Operational Resilience Managers.
It seemed like the ideal time to launch a digital tool that can support firms to meet these new regulations, especially when so much of their focus is currently on business continuity due to the coronavirus pandemic. We’ve already had a lot of interest in the solution, winning contracts with several leading financial entities.
The new solution is built on the existing Exonaut Readiness Management Platform, which also includes business continuity, incident & crisis, risk, and compliance management – covering the full spectrum of organisational resilience.
What benefits can organisations gain from utilising the Exonaut Operational Resilience solution?
In three words: transparency, efficiency and compliance. Operational resilience is about preventing, responding to, and recovering from operational disruptions, and of course, implementing lessons learned in a continuous cycle of improvement. To do this, you must identify important business services – in the context of operational areas, tolerances and dependencies – and map how disruptions to them may impact the economy, financial markets and the consumers of the services. It’s much more effective to do this with a dedicated digital tool that comes with operational resilience dashboards, dependency mapping, and automated reporting, as opposed to using a standard spreadsheet or a BCM tool. Naturally, other Exonaut modules can be utilised for firms that want a more integrated solution.
Which organisations will be most interested in the Exonaut Operational Resilience solution?
Initially, these are registered organisations operating within the UK financial service sector. That’s banks, building societies, insurers, payment systems, and many more. Even though the regulatory timeline has been pushed back to late 2021 – given the need for firms to focus on the pandemic – those organisations with the best tools will be the best prepared. However, we do expect to see operational resilience spread to other regions and industries, similar to way that BCM and IM are industry standards today. In fact, we’ve already begun to see interest outside of the UK, with new customers in the Netherlands and the US.
Read more about operational resilience, and its importance in the financial services sector and beyond.
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