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Clifford Chance

Clifford Chance

Operational resilience

The challenges and pitfalls for insurance firms

There are just over 6 months to go until insurance companies need to comply with the new operational resilience requirements. The new requirements will apply to all UK Solvency II firms, the Society of Lloyd's (and its participants), and enhanced firms under the Senior Managers and Certification Regime.

By 31 March 2022, when the rules and guidance come into force, insurance firms must be able to demonstrate a compliant framework with the new operational resilience requirements. These were published by the Bank of England (BoE), Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) earlier this year.

Clifford Chance LLP and Grant Thornton UK LLP are collaborating to give you access to practical business and legal expertise to help you comply with the new operational resilience requirements.

Join our panellists in a virtual event featuring speakers from Clifford Chance LLP, Grant Thornton UK LLP and Hastings Insurance Services Limited. They discussed the key requirements and critical success factors for a compliant operational resilience framework. After hearing about the potential challenges of compliance and practical steps that can be taken to achieve it, we held a Q&A with the panellists.

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