The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation today published an interagency paper titled “Sound Practices to Strengthen Operational Resilience.” The sound practices paper brings together existing regulations and guidance as well as common industry standards to provide a comprehensive approach that banks may use to strengthen and maintain their operational resilience. The agencies are not revising existing rules or guidance.
The sound practices paper is attached along with an explanatory note.
Statement of Applicability to Institutions: The sound practices paper is directed to the largest and most complex domestic banking organizations.
The sound practices paper:
- Brings together existing regulations and guidance as well as common industry standards to provide a comprehensive approach that banks may use to strengthen and maintain their operational resilience.
- Is directed towards domestic banking organizations that have average total consolidated assets greater than or equal to (1) $250 billion or (2) $100 billion and have $75 billion or more in average cross-jurisdictional activity, average weighted short-term wholesale funding, average nonbank assets, or average off-balance-sheet exposure.
- Promotes a principles-based approach for effective governance, robust scenario analysis, secure and resilient information systems, and thorough surveillance and reporting.
- Includes an appendix focused on sound practices for managing cyber risk.
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