The Depository Trust & Clearing Corporation (DTCC) has called for establishing business resilience as an industry-wide priority. In a new white paper, Resilience First, the CSD said a “paradigm shift is required to protect the global financial system from the significant threats posed by cyber-attacks, the rapid development and adoption of new technologies, the increased interconnectedness of the financial ecosystem, and growing industry-wide concentration risks, among other dynamics”.
Dan Thieke, managing director, business risk and resilience management at DTCC, said: “With the threat of potential disruptions continuing to grow, firms can no longer afford to focus on disaster recovery, business continuity management and cybersecurity in isolation.”
In the paper, DTCC highlights the need for a holistic, forward-looking and highly collaborative approach to business resilience. Rather than solely focusing on individual processes, resilience efforts should be broadened to include all relevant stakeholders, consider an end-to-end perspective across critical business services, incorporate resilience into the initial design of new products and services, and ensure full business ownership.
The paper also describes a set of core principles and supporting guidelines that can further resilience efforts. The principles and guidelines were developed for DTCC but can be adopted by a wide range of entities looking to make their critical business services even more robust.