Operational Resilience A Key Priority For The Central Bank

On 9 April 2021, the Central Bank of Ireland ("Central Bank") published Consultation Paper 140 - a Consultation on Cross Industry Guidance on Operational Resilience ("Consultation Paper"). The Consultation Paper seeks views on the Central Bank's proposed guidance which aims to "enhance operational resilience and recognise the interconnections and interdependencies, within the financial system, that result from the complex and dynamic environment in which firms operate".

Darren Maher, partner: "It is clear that the Central Bank understands that the financial services industry is operating in an increasingly complex and interconnected environment and that in many cases, firms rely on both national and international outsourcing service providers to support their operations. While firms will already have established risk management processes and have governance arrangements in place, the Central Bank is of the view that more is needed to be done. While it recognises