The COVID-19 pandemic brought about an unprecedented set of challenges that are impacting the entire financial services global workforce both personally and professionally. Already months into the crisis and many financial institutions are still struggling to adapt to what is, in effect, a prolonged financial shock with a human resource issue at its heart.
As COVID-19 puts operational resilience in the regulatory spotlight, GreySpark considers the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) proposals on operational resilience, published just prior to the onset of the COVID-19 pandemic.
In 2019, EU financial markets regulatory authorities imposed fines and other sanctions on a number of firms and institutions that failed to provide sufficient evidence of their ability to implement effective and efficient market abuse risk management measures.
Just three months remain before the rollout, on Jan. 3, 2018, of one of the EU’s most ambitious, yet controversial packages of financial reforms: MiFID II. Right across the bloc, firms are in full implementation mode, despite some requirements still being poorly understood or lacking clarity and key pieces of market infrastructure still being designed.