Background: In 2019, FCA, PRA and Bank of England consulted in CP19/32 which set out to enhance the operational resilience. The consultation closed in October, 2020 and the final policy statement was release in March, 2021. The objectives of the Operational Resilience regulation closely aligns with the existing objectives of FCA. Relevance: The COVID 19 influence is evident in the background presented by FCA, most of the financial firms who had robust resilience frameworks or believed they had one were tested. Some of the common findings included the lack of testing i.e. the impact when multiple scenarios failed (who would have thought about half the world in lockdown!!!). There were so called robust process also defined with the third party suppliers which also failed in some cases. Timelines for implementation: There are key activities that needs to be closed as a part of the policy Next Post: Building Operational Resilience - Steps involved