Cross Industry Guidance On Operational Resilience – Final Guidelines Issued

Introduction

On 1 December 2021, the Central Bank of Ireland (the "Central Bank") published its cross industry guidance on Operational Resilience (the "Guidelines"), together with a feedback statement  ("Feedback Statement") setting out the Central Bank's views on the responses received following its engagement with industry bodies and regulated entities, on consultation paper ("CP140") which contained draft guidelines on Operational Resilience (the "Draft Guidelines").

The Feedback Statement noted that a significant proportion of the comments that the Central Bank received related to the need for proportionality given the wide range of firms operating in the Irish financial sector, and the need to ensure that, as international regulation evolves in this space, the Central Bank is able to adopt accordingly.