The Hong Kong Monetary Authority (HKMA) issued a new SPM module OR-2 on “Operational Resilience” on 31 May 2022.
Operational Resilience is the ability of a bank to deliver critical operations through disruption. It enables a bank to identify and protect itself from threats and potential failures, respond and adapt to, as well as recover and learn from disruptive events in order to minimise their impact on the delivery of critical operations through disruption.
This brief (5-minute read) details the final standard, outlining what has changed from the consultation phase, including clarified timelines, responsibilities and integration with other frameworks, and how KPMG can help with planning and implementation.
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