FERMA welcomes the European Commission’s proposal for a “regulation on digital operational resilience for the Union financial sector” as part of its Digital Finance Package.

This proposal is a crucial first-step in raising operational resilience in an important sector. However, the financial services sector does not exist in isolation. FERMA therefore believes that it is important for the Commission to also raise the bar on operational resilience across sectors. Read here FERMA’s initial views on the proposal.

For risk managers “digital risks” continue to be the most significant threats to businesses in the short- and medium-term, as shown by the European Risk Manager Report 2020.

Preparedness for digital and operational risks should be enhanced through taking a risk management approach. This means building up robust capabilities to prevent, detect, respond to and mitigate operational threats.

More broadly operational resilience sits within the broader discussion we are having around a resilience framework for catastrophic risks.