Exonaut® Operational Resilience provides a web-based, end-to-end solution to allow organisations to bring together their risk, business continuity, compliance and crisis management in a single platform. The solution ensures operational resilience by allowing managers to make timely and evidence based decisions on their vulnerabilities and identify where change is required.
Financial services are particularly affected by new demands for operational resilience and delivering critical operations through disruptions. Firms, Financial Market Infrastructure (FMI) and the financial sector as a whole must be able to prevent, adapt, respond to, recover and learn from operational disruptions that may impact on the delivery of Important Business Services (IBS) and economic functions.
4C are currently working with a number of leading banks and insurers who are running their operational resilience programmes with our Exonaut® software. They’ve chosen it because they want to map IBS and their dependencies and tolerances, manage workflows, tasks, and signoffs in an automated system that provides the key metrics at a holistic and fine-grained level.
The images below provide a glimpse of the operational resilience dashboards, task management timelines, and dependency mapping that form part of this solution.
In December 2019 the UK’s Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) and Bank of England set requirements and expectations for firms and Financial Market Infrastructure to identify their IBS by considering how disruption to the business services they provide can have impacts beyond their own commercial interests. They stated that a tolerance level for disruption must be set for each IBS and firms must ensure that they can continue to deliver their IBS whilst remaining within their impact tolerances. The proposals also included requirements to map and test IBS, to identify vulnerabilities and change where it is needed.
The European Commission has also published a proposal for a new regulation – the Digital Operational Resilience Act (“DORA”) – and an accompanying directive to harmonise digital operational resilience rules for financial organisations in the EU. With new regulations around the corner, a digital tool to plan, implement, test and evaluate operational resilience programs is becoming increasingly important component of compliance and emergency preparedness.
The Exonaut Operational Resilience solution is produced in response to this market requirement; it uniquely combines functionality from our Business Continuity, Crisis Management and Capability Development solutions which are used daily and trusted by our global client base.
Request a live demo, customised to your needs, to see how Exonaut can take your operational resilience to the next level.
