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have commenced a process and asked all banks under their jurisdic-

tion to provide a formal documentation to articulate each and every

customer’s journey for ‘Important Business Services’. The specific

task is for banks to know the end-to-end business process journey to

provide services to end customers. Some of the examples of IBS are

‘Access to Cash’ or ‘Obtain a Mortgage’.

This process was started by UK financial regulators – Bank of

England (BOE), Financial Conduct Authority (FCA) and Prudential

Regulatory Authority (PRA). It is a matter of time when all other

global financial regulators will demand the same from all retail banks

under their jurisdictions.

The paper from PRA had the following ask from all the banks

in UK under operational resilience of their service offering to the

customers:

⚬

⚬Identify their important business services by considering how

disruption to the business services they provide can have impacts

beyond their own commercial interests,

⚬

⚬Set a tolerance for disruption for each important business service,

and

⚬

⚬Ensure that they can continue to deliver their important busi-

ness services and are able to remain within their impact toler-

ances during severe (or in the case of FMIs, extreme) but plausible

scenarios.

This applies to all other sectors as well due to the fact that all busi-

nesses should have the operational resilience strategy in place to mini-

mise the business impact due to severe incidents like cyber-attacks

and natural causes like floods, pandemic, earthquakes, tsunamis and

so on.

• Do you have technology components mapping for the ‘Important

Business Services (IBS)’? As part of the above operational resilience

point, another task of the UK regulator for financial retail banks was

to also identity technology components underpinning the IBS. This

is to make sure that businesses understand all the technology com-

ponents required to provide a business service to the customers and

what resiliency is in place to avoid or reduce the disruption in case of

severe incidents.

Again, this point also applies to other sectors to make sure that they

have a solid operation resiliency strategy.

• What are the key touchpoints for a single business process? To shape

up the strategy for an organisation, it is essential to know the jour-

ney of end-to-end customers from the business process and unpin-

ning technology components, required to fulfil the business journeys.