Background
Operational resilience in the financial services sector is a key
concern across the European regulatory landscape, with Ireland
being no exception. Operational resilience became a key issue
as a result of disruptions faced in the financial services industry
on foot of cyber-attacks, political unrest, technology incidents
and natural disasters. Particularly, as reliance on
international outsourced services providers has become the norm
across the sector, firms' operations have become increasingly
complex and contingent on third party resources.
In recent years, the Central Bank of Ireland (the “Central
Bank”) made operational resilience a focal point,
publishing Cross Industry Guidance on Operational
Resilience (the “Guidance”) in
December 2021 following a consultation with a wide range of
industry stakeholders. The consultation process provided
stakeholders with an opportunity to highlight their concerns and
queries around the proposed guidance.
