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Operational Resilience - Be Prepared

Robert Baden-Powell, the founder of the Scouting movement, encouraged Scouts to maintain preparedness so that they may act on any accident or emergency and never be taken by surprise. 

The Scout motto, “Be Prepared,” stands as a reminder for followers of the Scouting movement, but may also serve to help guide firms through contemporary challenges.

In a discussion paper on operational resilience published in July 2018, the FCA set out its aim of increasing firms’ investment in operational resilience.

The FCA defines operational resilience as, “the ability of firms and the financial sector as a whole to prevent, adapt, respond to, recover and learn from operational disruptions.”

The challenges of 2020 have placed a lens over the topic to the extent that every firm has had to consider and address likely causes of operational disruption, whether they are within the firm’s control or not - in other words, “Be prepared.”

How can Gilchrist Standard help firms to be prepared?

Gilchrist Standard is an annual assessment of a range of business-critical factors.

Originally conceived as a method to efficiently capture a high-level ‘performance snapshot’ for a firm, the output is also ideally suited to firms seeking a method to analyse their conduct standards and validate the measures they have in place.

Firms completing the online assessment will answer questions across eighteen business-critical factors, specifically:

1: Log In & Data Capture

7: Corporate Governance

13: Marketing

2: Firm Details

8: Treating Customers Fairly

14: Crime and Fraud Prevention

3: Structure

9: Supervision

15: Data Protection

4: Finance

10: Training & Competence

16: Human Resources

5: Client Money

11: Complaints

17: Professional Indemnity

6: Business Controls

12: Sales

18: Emerging Risks

The responses are analysed and a concise report is produced, which the firm may use on its own or with the support of its existing compliance provider, to help mitigate risks, address operational resilience concerns, and to “Be prepared.”