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Practice paper

Operational resilience implementation: Challenges and opportunities for UK building societies

Adewale A. Ademowo
Journal of Risk Management in Financial Institutions, 17 (4), 395-408 (2024)
https://doi.org/10.69554/YNUO2601

Abstract

Operational resilience is the preparedness and existence of resilient IT systems, processes and resources to provide services continuously during a disruption. This study examines the operational resilience implementation challenges and opportunities for UK building societies and wider financial institutions. The key challenges are resource constraints, understanding regulatory requirements, supplier concerns, domain knowledge, legacy systems and manual-driven processes. Some challenges are being addressed with awareness and training, improved governance and risk management, recruitment and industry support networks. The opportunities include realising the actual state of IT systems, adopting cloud solutions, resources and capabilities, as well as improved domain knowledge and a better understanding of services and markets. Regulators need to be more explicit about their expectations and requirements, while the industry needs to collaborate on setting up common frames of reference for operational resilience frameworks. Lastly, the study provides a holistic view of operational resilience, including its implementation and management challenges, control measures and emerging opportunities.

Keywords: operational resilience; operational risk; risk management; financial services; resilience framework; business continuity; disaster recovery

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Author's Biography

Adewale A. Ademowo is a seasoned technology audit and risk professional with extensive experience in IT operations, governance, cybersecurity, cloud computing, business continuity and disaster recovery. He also specialises in operational risk and resilience, project and programme assurance, third party assurance, IT general controls (ITGCs), and payment scheme attestations. Adewale has worked mostly in the financial services sector, holding key roles at Lloyds Banking Group, Together Money, Cumberland Building Society, Tesco Bank, Allstate, TSYS and PwC. He has an MBA, MSc and BBA, along with a range of professional certifications including CISA, CISSP, CIPP/E, ITIL, COBIT, Aviatrix MCNA, CAPM, CompTIA A+, CSX Cybersecurity Fundamentals and foundational cloud certifications in AWS and Azure.

Citation

Ademowo, Adewale A. (2024, October 1). Operational resilience implementation: Challenges and opportunities for UK building societies. In the Journal of Risk Management in Financial Institutions, Volume 17, Issue 4. https://doi.org/10.69554/YNUO2601.

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cover image, Journal of Risk Management in Financial Institutions
Journal of Risk Management in Financial Institutions
Volume 17 / Issue 4
© Henry Stewart
Publications LLP

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