Journal article
A qualitative study of operational resilience in financial institutions
Journal of operational risk, v 19(3), pp 27-44
2024
Featured in Collection : UN Sustainable Development Goals @ Drexel
Abstract
Large financial institutions such as investment banks, retail banks and insurance companies, also known as global systemically important banks (G-SIBs), can cease to perform their critical functions when faced with major disaster events. Events such as widespread technology outages, cyber attacks and global pandemics could have a far-reaching impact, threatening the viability of these firms, as seen in the 2007-9 global financial crisis. New regulatory requirements put forth by the Bank of England and the Basel Committee on Banking Supervision (Basel III) require G-SIBs to have sound operational resilience practices for their business services. These are due to be implemented in phases by 2025. While the concept of operational resilience is not new, companies have traditionally approached it separately and as needed for specific business functions. The new requirements necessitate G-SIBs look at sustainable solutions more holistically to protect their end customers and shareholders. Our study leverages survey-style qualitative research methodology: it harnesses candid and pragmatic feedback from a sample of 21 G-SIB employees to formulate recommendations for this specific aspect of regulatory requirements. Given our findings, we encourage G-SIBs to take an open-minded approach in creating a more comprehensive risk-centric environment for their stakeholders.
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Details
- Title
- A qualitative study of operational resilience in financial institutions
- Creators
- Sharada Iyer - Drexel Univ, 3141 Chestnut St, Philadelphia, PA 19104 USAGeorge del Hierro - Chapman UniversityIndira Guzman - Calif State Polytech Univ Pomona, Coll Business Adm, 3801 West Temple Ave, Pomona, CA 91768 USA
- Publication Details
- Journal of operational risk, v 19(3), pp 27-44
- Publisher
- Incisive Media
- Number of pages
- 94
- Resource Type
- Journal article
- Language
- English
- Academic Unit
- Bennett S. LeBow College of Business
- Web of Science ID
- WOS:001381794700003
- Scopus ID
- 2-s2.0-85210242711
- Other Identifier
- 991022202512104721
UN Sustainable Development Goals (SDGs)
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Source: SDGs in the Output
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- Collaboration types
- Domestic collaboration
- Web of Science research areas
- Business, Finance