Are you struggling to join up all the different regulations governing resilience? KPMG can help.
Prudential and conduct regulators around the world have been lifting their ‘resilience’ expectations through implementing a variety of new expectations and approaches.
RBNZ’s BS11 Outsourcing Policy, combined with Open Bank Resolution and the Deposit Compensation Scheme, create a complex puzzle. The Financial Institutions licence (introduced as part of the FMA’s Conduct of Financial Institutions regime) also includes a business continuity and operational resilience licence condition and, when we look more broadly, APRA’s CPS230 introduces operational resilience requirements to New Zealand-based entities of a APRA-regulated groups.
While these measures endeavour to strengthen New Zealand’s financial system, they often overlap to varying degrees, and require clear understanding and careful navigation in order to avoid inconsistencies, silos or inefficiency.
This short report explores the overlap between these regimes, to help organisations ensure they can implement the requirements efficiently, effectively and sustainably.
Key steps in implementing resolution and resilience regulations
1. Identifying critical operations
4. Vulnerability assessment & testing scenarios
2. Process mapping
5. Harmonisation across all regulations
3. Defining disruption tolerance & measuring resilience
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If you'd to like to discuss how we can help you navigate the regulatory environment or have any questions, please get in touch.
