Regulatory Bodies

What they do?
 
image Regulatory bodies play a crucial role in promoting operational resilience. Their main goals are:
Setting standards: Establishing guidelines and frameworks for organizations to manage operational risks.
Ensuring compliance: Monitoring and enforcing adherence to regulations, ensuring organizations have robust plans in place.
Providing guidance: Offering best practices and advice on managing operational resilience.
Conducting assessments: Evaluating organizations' operational resilience and identifying areas for improvement.

By doing so, regulatory bodies help organizations:

  • Minimize disruptions
  • Protect customers and stakeholders
  • Maintain financial stability
  • Build trust and credibility

In the context of operational resilience, regulatory bodies focus on areas like:

  • Business continuity planning
  • Risk management
  • Incident response
  • Cybersecurity
  • Third-party risk management

Some Regulatory Bodies

Canada:
  • OSFI (Office of the Superintendent of Financial Institutions)
  • CSA (Canadian Standards Association)

United States:
  • FEMA (Federal Emergency Management Agency)
  • SEC (Securities and Exchange Commission)
  • OCC (Office of the Comptroller of the Currency)

United Kingdom:
  • FCO (Foreign and Commonwealth Office)
  • FCA (Financial Conduct Authority)

European Union:
  • EBA (European Banking Authority)

Singapore:
  • MAS (Monetary Authority of Singapore)

UAE:
  • FSRA (Financial Services Regulatory Authority)
  • Dubai DIFC (Dubai International Financial Centre)

International:
  • ISO (International Organization for Standardization) - ISO 22301