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Risk
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Tax
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Outsourced accounting services
Every business is different, the challenges they face vary but all need bespoke solutions. Businesses also share common ground when it comes to striving for reducing costs and improving efficiencies.
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Royalty and intellectual property audit
Intellectual property (IP) is valuable and one of the challenges for you as an IP owner, whether in film, TV, book publishing or consumer products, is ensuring that you are receiving all royalties due to you.
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Pensions
Assurance and financial reporting is key, and reporting with independent opinion gives confidence to trustees to support their governance processes.
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Healthcare assurance
Our healthcare assurance team supports local and national NHS bodies improve the quality of their clinical data and cost information to accurately reflect the care delivered
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Contract assurance
We know how complex accounting for large contracts can be. The services sector relies on successful deals and risks being isolated and understood.
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Brexit and political risk advisory
We can help you navigate political volatility.
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Business consulting
Challenges are specific and solutions do not translate perfectly from one business to another, which is why you told us you want a fully customised approach to professional services.
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Corporate simplification
Having too many companies in your group structure can be expensive, and the changing financial reporting and regulatory landscape can lead to additional compliance work.
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Economic consulting
Bespoke guidance grounded in complex economic theory and practical sector insight to help you make the right decisions.
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Financial accounting advisory services (FAAS)
Our FAAS team can support your finance function with the flexible resource they need to get results.
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Governance advisory
Helping you future proof your governance and decision-making structures
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To ensure the continuity of service you expect, our International Business Centres (IBC), led by our experts from around the world, work together to coordinate and provide global delivery.
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People advisory
Create value by attracting, retaining and developing an agile and resilient workforce for continued business success.
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Strategy
Our Strategy and Modelling capabilities are focused on helping management teams make better, more rigorous and quantified business decisions
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Respond: Data breach, incident response and computer forensics
Are you prepared for a cyber failure? We can help you avoid data breaches and offer support if the worst happens.
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Comply: Cyber security regulation and compliance
Cyber security regulation and compliance is constantly evolving. Our team can support you through the digital landscape.
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Protect: Cyber security strategy, testing and risk assessment
Cyber security threats are constantly evolving. We’ll work with you to develop and test robust people, process and technology defences to protect your data and information assets.
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Our credentials
Search our transactions to see our experience in your sector and explore the deals advisory services we've delivered.
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Corporate finance
We combine award-winning technical expertise with the intuition, insight and confidence gained from our extensive sector experience and a deeper understanding of our clients.
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Debt advisory
Our debt advisory team can find the right lender to help you in restructuring. Find out how our experts can support you.
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Financial modelling
Models are at the heart of all business decisions. Whether you're looking to raise finance, buy or sell a business, assess strategic options, or just plan for the future, you're going to need a forecast. This is likely to come from a financial model.
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Operational deal services
Most transactions fail to achieve their goals. There are many reasons for failure.
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Restructuring
Protect and realise value throughout times of uncertainty, stress and distress
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Transaction services
We will identify key business issues through our rigorous and tailored risk and business analysis process. Our Transaction Services team will then work with you to resolve these issues with a reporting method designed to suit each client and their preferred medium.
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Valuations
The Valuations team has wide experience in valuations of private companies. We serve enterprises of all types and sizes, covering a wide range of industries
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The ESG agenda
Shape your ESG agenda by identifying the right metrics, sustainable development and potential business value impact.
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ESG driven business transition
Whatever your ESG strategy, we can support your organisation as it evolves while maximising efficiency and profitability.
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ESG programme and change management
Do you have the right capabilities to drive the delivery of your ESG strategy to realise your targets?
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ESG risk management
You must protect, comply, understand and influence to successfully manage the risk involved with ESG issues. We can help.
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ESG strategy, risk and opportunity identification
We can help you clearly define your ESG Strategy, with the risks and opportunities identified and managed.
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Create value through effective ESG communication
Building trust and engagement with your stakeholders on your ESG strategy.
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ESG metrics, targets and disclosures
The pressure to report your ESG progress is growing. Do your targets measure up?
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ESG governance, leadership and culture framework
Make the most of ESG opportunities by effectively embedding your strategy across your organisation.
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ESG and non-financial assurance
Support your board to be confident in supplying robust information that withstands scrutiny.
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Actuarial and risk
Grant Thornton's Actuarial and Risk team provides market leading actuarial and risk management advice to clients in the financial services sector and further afield. We consult extensively to the life insurance, general insurance, health insurance and pensions sectors as well as providing financial modelling and financial instrument valuation services more widely.
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Business consulting
The Financial Services Business Consulting (FSBC) practice is able to harness the skills, knowledge and experience within the Financial Services Group, to provide a full suite of services across the delivery lifecycle, from strategic advisory to assurance. FSBC provides market-leading consulting and advisory services to the banking sector.
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Business risk services
Our market-driven expertise helps firms keep growing and manage risk in an evolving regulatory landscape.
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Financial crime
Helping you fight financial crime in a constantly changing environment
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Financial services tax
In the Financial Services tax team, we provide tax advice to businesses from all over the world. We combine technical expertise with a commercial approach based on experience and deep industry understanding.
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Insurance audit, assurance and advisory
Today’s financial services environment is the subject of increasingly rigorous governance, accounting and regulatory requirements. In the light of this, we provide a truly robust and independent service to undertake external audits with a defined, industry-specific audit approach that is specifically tailored to the relevant sector.
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Leasing and consumer finance
We are a unique team in the accountancy profession and combine vast industry, product, and asset knowledge with a core service offering which adds real value to our clients.
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Litigation support
Our in-depth understanding of the industry, and our sensitivity to conflicts make us the ideal choice for law firms and lawyers looking for unrivalled levels of service. We provide a wide range of litigation support and investigation services to the financial services industry.
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Regulatory and compliance
Regulatory and compliance - We provide an exceptional level of regulatory and compliance support to both retail and wholesale organisations across the financial services industry.
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Risk and capital management
We help businesses determine which capital risk management approach fits them best, ensuring that compliance is a natural by-product and not the primary driver. While the regulatory dimensions of capital risk management are growing at an unprecedented pace, it is our understanding of the links between risk, capital and performance that benefits our clients.
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Transactions and restructuring
We carry out a wide range of transaction support services, including due diligence and business reviews to support acquisitions, lending transactions, acting as reporting accountants for financial businesses seeking a listing or trading on the capital markets.
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Computer forensics
Computer forensics - We can report on metadata and provenance, internet activity, external connections and copying, destruction of evidence, smart devices, and we can conduct detailed forensic searches.
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Corporate intelligence
Corporate intelligence often involves cross-border complexities. Our experienced team can offer support.
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Cyber advisory
Our cyber team helps you to identify and guard against potential cyber risks to your organisation and mitigate against data leaks and hacks
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Disputes advisory
Our team advises on quantum and other accounting or financial issues in commercial disputes, including acting as expert witness in litigation and arbitration.
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Financial crime
Helping you fight financial crime in a constantly changing environment
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Financial services investigations
We are market leaders in conducting and supporting investigations within the financial services industry
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Forensic data analytics
Our forensic data analytics team are helping businesses sift the truth from their data. See how we can help your firm.
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International arbitration
International arbitration has become the principal dispute resolution method for the determination of complex international commercial disputes.
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Matrimonial services
We provide a distinctive, high-quality and personalised service to family lawyers and individuals across the UK both pre and post-marriage.
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Monitoring trustee and competition services
Monitoring trustee and competition services - We provide independent Monitoring Trustee services to competition, financial, security and other regulatory bodies.
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Forensic investigations and special situations
Do you need clarity in an uncertain situation? If you're accused of wrongdoing we can help you get the facts right.
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Public sector advisory
To deliver excellent public services, local and central government need specialist support.
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Public sector audit and assurance
As a leading UK auditor, we have unparalleled insights into the risks, challenges and opportunities that you face.
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Public sector consulting
Helping public sector organisations maintain oversight of services and understand what's happening on the ground.
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Public sector governance and risk
Although arguably necessary to bring order to public financing, the impact of the accelerated public sector funding cuts represents an unprecedented scale of funding reduction. While the sector has so far risen to the challenge, enduring service and financial pressures create risks and opportunities and have particular implications for governance, risk management and internal control.
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Cryptoasset recovery
Get guidance and technical expertise on digital finance and cryptoasset recovery from our dedicated crypto hub.
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Grant Thornton Offshore
Grant Thornton Offshore is our one-stop global solution for insolvency, asset recovery, restructuring and forensics services.
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Contentious estates and family disputes
Managing complex, high net worth and sensitive issues such as divorce to resolution
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Corporate intelligence
When you're embarking on recovery proceedings, you have just a small window of opportunity to take meaningful action.
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Litigation support
Our in-depth understanding of the industry, and our sensitivity to conflicts make us the ideal choice for law firms and lawyers looking for unrivalled levels of service. We provide a wide range of litigation support and investigation services to the financial services industry.
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Personal insolvency
We are a leading provider of personal insolvency services, delivering practical solutions in a sensitive manner, maximising recoveries for creditors or by helping individuals seeking for appropriate debt relief solutions.
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Expand into new markets
Broadening your business horizons.
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Finding the right international contacts
Introducing you to the people with the experience you need to succeed.
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Getting more out of your existing international operations
How to stay in touch with, and make the most of changing markets.
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Setting up in the UK
Practical advice and expert input for anyone moving into UK markets.
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Contingency planning and administrations
In times of financial difficulty, it is vital that directors explore all the options that are available to them, including having a robust ‘Plan B’.
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Corporate restructuring
Corporate restructuring can be a difficult time. Let our team make the process simple and as stress-free as possible.
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Creditor advisory
We act as financial adviser to mainstream lenders, credit funds, special situation funds, security trustees and surety providers.
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Debt advisory
Our debt advisory team can find the right lender to help you in restructuring. Find out how our experts can support you.
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Financial services restructuring and insolvency
Financial services restructuring and insolvency is a competitive marketplace. Our team can help you navigate this space.
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Pensions advisory services
Our pensions advisory service helps manage risk and agree funding strategies. Find out how we can help you.
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Restructuring and insolvency tax
Tax will often be crucial in a plan to restructure a distressed business. Our team can guide you through the process.
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Compliance assurance
Since the financial crisis of 2008 the governance and conduct of financial services firms has been under increasing scrutiny.
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Data analytics
Deeper insight through data analysis is becoming commonplace, increasing the value, commercial challenge and calibre of insight delivered to the business.
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Enterprise risk management
Enterprise Risk Management (ERM) has been around for a long time, but many organisations have struggled to understand it or genuinely embrace it.
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Finance and risk management services
Our clients continue to prepare for and implement a range of new regulatory requirements, whilst having to navigate the uncertain macro-economic environment and structural change affecting the industry.
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Internal audit services
Recent high profile control failures and increased regulatory demands require organisations to gain independent and objective assurance over the effectiveness of internal controls and risk mitigation.
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Whilst it is recognised that culture is a key enabler of strategy, the Chartered Institute of Internal Auditors has placed greater focus on the importance of organisations’ culture.
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Projects, capital programmes and transformation
Delivering significant medium and long term shifts in strategic direction, competiveness or performance often requires effective delivery of significant and complex projects and transformation programmes.
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Technology has been a key driver for success and operational efficiency in all industries.
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Third party and contract assurance
Delivery of critical business activities, both business as usual and projects, increasingly means working with external partners for goods and services.
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Capital allowances (tax depreciation)
Advisory and tools to help you realise opportunities in capital allowances.
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Accurate returns, managing risk & maximising opportunity.
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Employer solutions
It's a well-known fact that, in business, people are your greatest asset.
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Indirect tax
In recent years, there has been a domestic and global trend of Governments shifting emphasis from direct to indirect taxation. Globally, while corporation tax rates have generally decreased, VAT rates have risen.
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Our approach to tax
The Finance Act 2016 introduced the requirement for businesses like ours to publicise their tax strategies by the end of the 2018 financial year. We fully support such initiatives and believe that firms sharing their approach to tax can promote widespread transparency, build trust and benefit society as a whole.
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Private
You'll know just how important it is to maximise and protect your personal wealth.
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Real estate tax
The impact of the prolonged downturn continues to be felt in certain parts of the world but pockets of opportunity and optimism have emerged within the real estate. The UK real estate investment market has enjoyed high levels of capital inflow from a wide range of different investors groups and continues to be attractive.
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Research and development tax incentives
We can help you prepare optimised and robust research and development tax claims.
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Tax investigations and disputes
We make it simple to stay compliant and avoid HMRC tax disputes
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We can help you manage your tax risk.
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Transaction and restructuring tax
Undertaking a transaction, such as fundraising, refinancing, acquiring or disposing of a business or assets, or a more fundamental restructuring is an important step. Businesses, lenders and stakeholders need to understand the impact of that transaction.
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Facilities management and property services
Get insight and strategic support to take opportunities that protect resilience and drive UK and international growth.
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Recruitment
Helping recruitment companies take opportunities to achieve their goals in a market where talent and skills are key.
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We can help you find the right ingredients for growth in your food and beverage business.
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Travel, tourism and leisure
Tap into our range of support for travel, tourism and leisure businesses in this period of challenge and change.
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With multiple challenges and opportunities in the fast-evolving retail sector, make sure you are ready for them.
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Banking
Our expertise and insight can help you respond positively to long term and emerging issues in the banking sector.
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2020 is a demanding year for capital markets. Working with you, we're architecting the future of the sector.
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Delivering a successful transport or infrastructure project will require you to balance an often complex set of strategic issues.
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Media companies must stay agile to thrive in today’s highly competitive market – we’re here to support your ambitions.
“Resilience is all about being able to prevent or overcome the unexpected. Sustainability is about survival. The goal of resilience is to thrive.” - futurist, Jamais Cascio
As regulatory authorities turn their attention from Operational Continuity in Resolution (OCIR) to the less well-defined ‘operational resilience’, boards and business leaders will be forgiven their inevitable apprehension. At first glance, guidance from the Bank of England, the PRA and the FCA appears light. This begs the question, when will demands for operational control relent to afford businesses the opportunity to invest in true evolution and transformation?
In contrast, we believe that the operational resilience agenda represents far more than a further regulatory obligation. In fact, financial institutions should consider it an opportunity to evolve and optimise operational capabilities.
Operational resilience should be embraced as ‘good business sense’, rather than applying it simply to survive through protective measures.
Operational resilience makes good business sense
Operational resilience gives us the opportunity to address a range of issues that face the industry. Most notably we see reputational, customer retention, talent attraction, financial and systemic benefits. A risk and control-orientated focus often results in the broader benefits – derived from delivering enhanced resilience – being overlooked. For example, we consider the following through customer, systemic and institutional lenses:
Customer lens |
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Institutional sustainability lens |
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Systemic lens |
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The overlapping lenses of operational resilience
Our understanding of operational resilience is through three lenses:
- Systemic stability (ensuring the system is not threatened by one or several operational failures)
- Customer (notably retail, but not exclusively)
- Firm sustainability (ensuring operational failures do not threaten the viability of a firm, including outcomes of reputational damage)
These lenses are not mutually exclusive.
Either individually or in combination, the customer, institutional and systematic factors will impact the resilience of a firm’s various operational platforms, process and systems in different ways.
Immediate impacts tend to be more identifiable from a single perspective. Nonetheless, the situation is fluid. In the long term, impacts tend to amalgamate (for example, a chronic customer or systemic impact may over time create firm sustainability issues).
In assessing an institutions operational resilience, non-operational factors on operational processes has recently become more profound. Understanding these factors and their impact is fundamental to realising the broader benefits of operational resilience.
Unsurprisingly, where firms’ sustainability is concerned, a sound strategy, operational processes and protocols are integral foundations to establishing customer and systemic resilience.
Both the scope and influence of customer and firm resilience have evolved. Where resilience was focused on operational risks and controls, it now extends to both tangible and intangible influences, including strategic risks, competition risk and talent. Unless addressed effectively, over time, an unresolved or recurring customer or systemic issue can come to threaten firm sustainability.
While firms have reported an increase in technology outages over the past year, as well as an 18% increase in cyber-attacks, such headline-grabbing IT outages, data leaks and hacks are simply the most measurable manifestations of operational weaknesses.
Senior management cannot ignore “creeping weaknesses”. These are the subtle weaknesses that can take years to notice. While they may crystallise suddenly, the real risk is that they characteristically do not. Eventually, the cumulative impact of the drip effect often compounds and complicates the challenge.
The potential influence of each of these elements will be driven both by the firm’s operating model and its market position (for example, is it one of many offering a systemic service, or one of few?).
Firms must be increasingly conscious of the evolving impact of external factors on their own resilience plans. The dynamic nature of these elements requires a more adaptable business model. The means by which firms assess, identify and mitigate resilience risks must become more proactive, iterative and flexible.
Delivering beyond the minimum makes business sense
Resilient or reactive? The truth is, both. The regulators acknowledge that the UK is not a “no failure” regime, but demonstrating an appetite to deliver beyond minimum requirements is another instance of ‘good business sense’ – gaining favour with regulators and delivering the business evolution customers, shareholders and employees demand.
Delineating between OCIR, operational resilience, operational risk, business continuity and the associated analyses is a fundamental step in a firm’s evolution. Understanding and defining the interrelationships and dependencies will enable firms to better allocate responsibility and more clearly evidence control.
Operational resilience in context
Operational resilience | Ensuring your operation is failure-aware and failure-responsive |
Operational continuity in resolution | Safeguarding systemic processes (critical economic functions) in the event of firm failure |
Operational risk | Understanding, monitoring and mitigating threats to resilience and continuity (in this context) |
Business continuity and/or remedial activity | Responding to and recovering strongly from an operational resilience failure |
Root cause analysis | Understanding the cause of failure and applying that learning |
Operational resilience is about ensuring that financial ecosystems, key services and customers are not impacted when incidents occur, if they cannot be prevented in the first place. The principal step to achieving operational resilience begins with mapping systems and processes, identifying and addressing potential weaknesses. The resilient organisation will be able to bounce back, if something does go wrong, it is able to restore the service quickly, minimising external disruption.
Finally, the organisational DNA will foster learning and change management to future fix operations; collectively aiming to ensure whatever outage, down-time or breach happened will not happen again.
Mapping resilience
It is crucial that organisations have a clear understanding of their operational map – the combination of systems, processes and people that fulfil a need in the eyes of its customers or clients. The recent joint PRA/FCA/Bank of England paper sets out their clear expectation that firms quantify potential impacts and acceptable tolerances across process components and the resilience to stress.
Our methodology starts from the customer-facing product and service catalogue. This provides the foundation for any assessment of customer needs, informing an end user-orientated approach to resilience. Internally, resilience will largely be determined by which parts of the internal service catalogue support the provision of the product from end-to-end, and the strength of that chain.
An operational resilience dashboard is then formed to determine where the least resilient or most impactful components lie. The initial dashboard will likely give rise to further questions and clarifications. This iterative process is positive and we expect it to become part of the cadence of the firm.
Operational resilience as a route to competitive advantage
There are clear and common benefits for major stakeholder groups and for firms to become operationally resilient; be they customers, staff, management, shareholders and regulators.
This is an opportunity for firms to "future fix", to create more effective operating models and to thrive.
For more information contact Gareth Miller.
Areas to consider when approaching the initial assessment include
- Scoping the operational resilience universe
- Categorising the end-users: buyers, customers, clients, stakeholders
- Completeness of product and service catalogues
- Comprehensiveness of process mapping
- Governance, risk management and oversight (inc policies and procedures)
- Outsourcing and supplier resilience
- Setting appropriate impact tolerances; severity and duration
- Resilience testing; infrastructure, IT systems and people
- Incident Management, Root Cause Analysis and effective learning