Operational risk management should include people resilience

Published in: Risk management, Corporate strategy, Regulation, UK, Rest of Europe, Software - IT

With just a week to go until the Insurance Risk & Capital Emea conference in London, one expert has said ‘people resilience’ should be core to insurers’ operational risk management.

The panellist will join the discussion on operational resilience at the in-person conference on 1 December at the Hilton Tower Bridge in London.

“Operational resilience is usually about processes, IT and systems, but when an operational risk event happens it all depends how strong people and are they able to pull together as a team,” said the chief risk officer (CRO) at a UK insurer.

The CRO added it is important to build a culture of resilience among insurance employees and teams and be ready to respond to a crisis.

UK insurers implemented new rules on operational resilience in March, which required firms to understand the resilience of their suppliers. The panel at next week’s conference will consider the value insurers are deriving from the Prudential Regulation Authority's initiative, and if it has led to a change in business practices. Ahead of the event, one panellist has stressed the importance of setting impact tolerances.

There will also be an update on the European Union’s (EU) Digital Operational Resilience Act, and its implications for insurers. One panellist also believes the EU is behind the UK when it comes to operational resilience regulation.

To register for the Insurance Risk & Capital Emea 2022 conference and view the agenda, please click here.

Ronan McCaughey