In a year when the coronavirus pandemic has disrupted the worldwide economy, federal banking regulators have offered guidance to large banks on how to build and strengthen operational resiliency amid technology-based failures, cyber-incidents, pandemic outbreaks, natural disasters, and more.
The Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation on Friday issued “Sound Practices to Strengthen Operational Resilience” in an attempt to “enhance the ability of firms to prepare, adapt, withstand, and recover from disruptions and to continue operations,” the guidance said.
