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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:
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.