J Haye's Weekly Digest, November 18th 2024
Julien Haye
Transforming Risk and Compliance into Strategic Enablers with Practical Insights and Problem-Solving Expertise | Chief Risk & Compliance Officer | LGBT Leader & Inclusivity Advocate | Chair, NED, & Trustee
Hello everyone,
Happy Monday! I hope you had a wonderful weekend.
A warm welcome to our new readers! I hope you find our newsletter helpful. If you have any questions or topics you want us to cover, please let me know.
This week,
(1) We are exploring what to expect from the new Bank of England policy PS16/24 on Critical Third Parties.
?(2) I am also sharing a number of connected articles and some insights from a recent Operational Resilience Conference.
(3) Plus, I’m excited to share our latest CPD-accredited episode of RiskMasters, where we focus on resilience and emerging challenges and feature the fantastic Saadia Mujeeb, an accomplished risk management professional.
Is your organisation prepared for the new resilience standards for Critical Third Parties (CTPs)?
The Bank of England’s PS16/24 policy introduces operational resilience requirements that could reshape the financial sector. For third-party providers, these changes mean enhanced risk management, scenario testing, and stronger governance. For financial institutions, it means understanding and managing dependencies on these critical services.
Are you facing any of these challenges?
?? Increased compliance costs to meet new standards?
?? Potential service delivery impacts due to tighter regulations?
?? Need for stronger communication protocols with critical third-party providers?
If these resonate, it’s time to evaluate your resilience strategy. Learn how to align with PS16/24 and strengthen your organisation’s operational stability.
Read our latest article to stay ahead of the regulatory landscap: https://www.aevitium.com/post/bank-of-england-ps16-24-critical-third-parties
Articles and Insights on Operational Resilience
The 6th annual Operational Resilience, Outsourcing & 3rd Party Risk 2024 conference highlighted that while organisations may be compliant with regulatory requirements, true resilience requires a more comprehensive approach.?
The Bank of England’s PS16/24 policy underscores this by mandating robust operational resilience practices for Critical Third Parties (CTPs). A key area for development is understanding the overlaps, gaps, and specific obligations between frameworks such as DORA, the UK’s operational resilience regulations, and the EBA Guidelines on Outsourcing.
Then, leveraging AI can help organisations bridge these gaps by identifying critical risks, mapping supplier relationships, and prioritising scenarios for resilience testing. For instance, using AI to rank scenarios based on impact on customer outcomes or to identify duplicated scenarios could improve efficiency and focus.
Additionally, moving beyond planned testing to incorporate real-time scenarios may reveal how people truly behave under stress, offering insights that formal testing often misses.
Finally, addressing common triggers for disruptions—focusing on root causes rather than individual symptoms—can drive more effective resilience strategies.
OTHER RELEVANT ARTICLES:
RiskMasters Podcast (CPD ACCREDITED!)
“Invest in your people. Systems are great, but without skilled individuals, they’re meaningless.” – Saadia Mujeeb
In this new CPD episode of RiskMasters, host Julien Haye welcomes Saadia Mujeeb, a risk management veteran with over 25 years of experience across global financial institutions.
From her early days at Barclays Capital to her leadership role at Macquarie Bank Europe, Saadia’s journey through the evolving landscape of risk management provides deep insights into what it takes to thrive in an ever-changing industry.
She shares her strategies for resilience, the importance of continuous education, and her views on how emerging challenges like AI and geopolitical risks are reshaping the future of risk management.
Listen to it here: https://www.aevitium.com/post/cpd-interview-with-saadia-mujeeb
Discover the Previous Interviews on RiskMasters
EP8 Integrating Sustainability and Risk: Insights from Aurore Lecanon on Leadership, Strategy, and Industry Challenges (CPD Accredited)
EP7 Navigating Geopolitical Risks and Embracing Diversity: Insights from Anna Rosenberg (CPD Accredited)
EP6 - Embracing Resilience, Authenticity, and Strategic Risk: Insights from Katie Smith (CPD Accredited)
EP5 - Breaking Barriers in Banking: Kathy Griffin's Path to Empowering Risk and Compliance Leadership (CPD Accredited)
RiskMasters on your podcast player of choice:
On Apple Podcast: https://podcasts.apple.com/gb/podcast/riskmasters/id1709495792
On Amazon Music: https://music.amazon.co.uk/podcasts/f27dc4ce-cf1e-4bb2-8bac-ba0ee69abd67/riskmasters
Let's discuss how I could help; book a meeting now!
Should you have any questions or if you'd like to discuss how our services can specifically benefit your organisation, don't hesitate to reach out to me directly at [email protected] or call me at +44 7700 160052. You can also book a meeting directly by clicking on the button below.