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.
