2021/03/31

The Basel Committee on Banking Supervision (BCBS) issued Principles for operational resilience, which aim to make banks better able to withstand, adapt to and recover from severe adverse events, and made revisions to Principles for the sound management of operational risk (PSMOR), introducing some technical revisions to align the PSMOR with the recently finalised Basel III operational risk framework and to update the guidance in the areas of change management and information and communications technology (ICT). The principles for operational resilience are largely derived and adapted from existing guidance on outsourcing-, business continuity- and risk management-related guidance issued by the BCBS or national supervisors. The operational resilience principles focus on governance; operational-risk management; business-continuity planning and testing; mapping interconnections and interdependencies; third-party dependency management; incident management; and resilient cyber security and ICT.

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