Comments due by 6 January 2023 midnight CET
Background information
Operational
resilience has become an increasingly important area of focus,
particularly in light of rapidly evolving technology and innovation,
changes to where and how people are working, and an increasing cyber
threat landscape. While the concept of operational resilience may not be
new to insurers, there is a recognition of the importance to adapt
supervisory regimes to account for the growing resilience of insurers on
digital systems, the adoption and implementation of new technologies,
and the potential for insurance firms to rely on third party providers
to assist in implementation and support.
In response to these
emerging trends, the IAIS’ Operational Resilience Task Force (ORTF) has
now published for consultation its Issues Paper on Insurance Sector
Operational Resilience. The paper identifies issues impacting
operational resilience in the insurance sector and provides examples of
how supervisors are approaching these developments, with consideration
of lessons learnt during the Covid-19 pandemic.
Recognising that
operational resilience is a broad and evolving area, the paper addresses
three specific operational resilience sub-topics concerning areas the
ORTF considers as matters of significant and increasing operational risk
and, therefore, of immediate interest to supervisors:
- Cyber resilience
- Third-party outsourcing
- Business Continuity Management
Feedback on the paper is invited by 6 January 2023 24.00 (Basel time). All
consultation questions are optional, so stakeholders may comment only
on a subset of questions. After this deadline, the consultation tool
will be closed, and it will no longer be possible to submit comments.
A
public background session will be held via webinar on 27 October 2022
at 14:30 – 15:30 CEST to present the draft Issues Paper and answer any
questions from stakeholders. Click here for details and registration.
How to provide feedback:
The consultation is now open. Please use the consultation tool available at this link to provide your comments.
Instructions for use are available when you access the tool. Only
comments submitted through the tool will be considered. All comments
will be published on the IAIS website unless the option in the tool to
keep comments confidential is chosen.
Please note that some
formatting (eg bullet points) may not be preserved when copying and
pasting your comments into the consultation tool from other software
such as Microsoft Word.