Realities of Crisis, Regulatory Landscape Call for Re-Imagining Resilience and Curbing Complacency

Since 2020, financial institutions and regulators have been re-imagining what it means to be resilient. The most disruptive event in modern history also has been the most instructive in terms of expanding the industry’s collective understanding of operational risks and the capabilities required to withstand them.

While the jury is still out on the important lessons to be learned from COVID-19, this event has affirmed a few things: Systems will fail, processes will be disrupted, cyberattacks will be successful and pandemics will occur. In this article, we discuss several critical factors for financial organizations to consider with regard to their future operational resilience.