Grant Thornton UK LLP and Clifford Chance LLP have joined forces to offer UK financial service sector entities a one-stop shop to secure operational resilience compliance. By combining the extensive knowledge and experience of each firm, the collaboration provides our clients with access to practical and bespoke business and legal support to help them meet regulatory requirements and optimise their operating models.
As of 31 March 2022, the UK Financial Conduct Authority and Prudential Regulation Authority will mandate a framework for operational resilience for the first time. The new rules and guidance covering customer harm, market stability and outsourcing reliability will mean that banks; building societies; designated investment firms; insurance firms; e-money; and payment services firms will need to look beyond business continuity in their internal operations.
Commenting on the joint offering, Sandy Kumar, Head of Financial Services Group and Business Risk Services at Grant Thornton UK LLP, said:
“We are excited to announce this collaboration with Clifford Chance as it will address the need we’re seeing from the financial services sector for a one-stop-shop, bespoke offering which helps navigate the complicated path to compliance with new operational resilience regulations. By combining the practical advisory experience of Grant Thornton’s specialists with the breadth and depth of Clifford Chance’s legal team we can offer an agile, tailored service that address the unique needs of any size of regulated enterprise.”
Monica Sah, Financial Regulation Partner at Clifford Chance commented:
"Operational resilience continues to move up the agenda of those operating in the financial services sector, and it is clear that clients will need to act in order to continue to prevent or respond to operational disruptions in the best way. We're therefore very pleased to announce this collaboration with Grant Thornton as we believe there is real value in an integrated approach to supporting our clients in this area, ensuring that the operational resilience challenges our clients face are fully covered by our combined expertise."