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Operational Resilience for Financial Services

How do you guarantee financial services even in times of crisis?

In the Covid -19 crisis, financial institutions are facing the challenge of ensuring uninterrupted customer services despite reduced number of employees, employee working hours, customer traffic and closed branches. Traditional financial advice and the processing of, for example, self-service and loan agreement services depend largely on the availability and business continuity of critical local infrastructures such as available buildings, the internal mail department and IT services. Access to central or business-critical applications must also be ensured.

Regulatory requirements

Regulators in multiple jurisdictions are demanding that financial institutions better protect customers and strengthen operational resilience to safeguard important business services especially in times of crisis. The efforts have been, spearheaded by the United Kingdom’s Bank of England, Financial Conduct Authority (FCA), and Prudential Regulation Authority (PRA), are demanding  a ‘step change’ with a proposed implementation date in the second half of 2021 to strengthen operational resilience.   The Basel Committee on Banking Supervision (BCBS) explicitly mentions a pandemic as one of the scenarios that must be taken into account when planning thebusiness continuity, whilst the European Central Bank (ECB (2020)) also requires banks to have contingency plans for pandemic scenarios that provide for adequate scaling measures.

Leverage best practices and technology used in manufacturing

The Detecon/Dassault Systèmes partnership solution supports decision-making and enables institutions to minimize disruption and strengthen business continuity of important business services. Based on the respective financial institution’s business strategy, Detecon’s tried and tested Capability-based Planning Approach models risk scenarios for sales processes, building systems and IT application architecture. This increases transparency about causal relationships and weaknesses as well as identifying associated resources and capabilities. 

The partnership with Dassault Systèmes enables institutions to:

  • Source and synthesize multiple data sources at scale to create the consistency needed for analysis across multiple domains;
  • Assess the impact of change: Map, connect, detect and predict. Mitigate failure before incidents arise;
  • Visualize real-world scenarios: Experience virtual simulations and stress test for severe but plausible scenarios;
  • Strengthen strategic decision making: Collaborate, project manage change and gain visibility via real-time user defined dashboards;
  • Enhance operational resilience capabilities: Use the 3DEXPERIENCE platform within your existing operational risk, business continuity and disaster recovery framework.

You can find more information about the solution here and here. or simply contact us.

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