Regulatory AlertsSR 20-24: Interagency Paper on Sound Practices to Strengthen Operational Resilience
The Board of Governors of the Federal Reserve System, the FDIC, and the OCC issued guidance requiring large and complex domestic financial institutions to strengthen their operational resilience against disruptive events. The interagency paper draws from existing regulations and industry standards to address operational risk, business continuity, third-party risk, cybersecurity, and recovery planning without altering current rules. This applicability is limited to firms with average total consolidated assets of at least $250 billion or specific thresholds regarding cross-jurisdictional activity and other exposures.
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