October 30, 2020
Agencies release paper on operational resilience
- Board of Governors of the Federal Reserve System
- Federal Deposit Insurance Corporation
- Office of the Comptroller of the Currency
For release at 4:45 p.m. EDT
Federal bank regulatory agencies today released a paper outlining sound practices designed to help large banks increase operational resilience. Examples of risks to operational resilience include cyberattacks, natural disasters, and pandemics.
The "Sound Practices to Strengthen Operational Resilience" paper outlines practices to increase operational resilience that are drawn from existing regulations, guidance, statements, and common industry standards. The practices are grounded in effective governance and risk management techniques, consider third-party risks, and include resilient information systems. The paper does not revise the agencies' existing rules or guidance.
The practices are for domestic banks with more than $250 billion in total consolidated assets or banks with more than $100 billion in total assets and other risk characteristics.