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ARTICLE · 09 NOVEMBER 2020

Sound Practices For Operational Resilience Released By US Banking Regulators

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On October 30, 2020, the US federal banking regulators issued guidance on sound practices for the largest US banking organizations to strengthen their operational resilience, including with...

United StatesFinance and Banking
Rajesh De
Rajesh De
Jeffrey Taft
Jeffrey Taft
Thomas Delaney
Thomas Delaney
David Simon
David Simon
Megan S. Webster
Megan S. Webster
J. Paul Forrester
J. Paul Forrester
Matthew Bisanz
Matthew Bisanz
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On October 30, 2020, the US federal banking regulators1 issued guidance on sound practices for the largest US banking organizations to strengthen their operational resilience, including with respect to cyber risk management (the "Guidance").2 Operational resilience is an organization's ability to prepare for, adapt to, withstand, and recover from disruptions and to continue operations. Disruptions may come from any type of internal or external operational risk and include technology-based failures, cyber incidents, pandemic outbreaks, and natural disasters.

The practices in the Guidance are characterized as being drawn from "existing regulations, guidance, statements, and common industry standards," and the regulators maintain that the Guidance does not revise existing precedent or impose new requirements. However, the Guidance blurs the lines between rules, guidance, and supervisory expectations, and, therefore, regulators could expect the largest and most complex

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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