FINMA RS Ope­ra­tio­nal Risk and Resi­li­ence – Banks: Total revi­si­on in force on 1.1.2024

FINMA published the total­ly revi­sed RS Ope­ra­tio­nal Risks Banks on Decem­ber 13, 2022 (cf. our pre­vious post). The RS is to con­tain the prin­ci­ples of the Basel Com­mit­tee on Ope­ra­tio­nal Resi­li­ence and thus replace the “Recom­men­da­ti­ons for Busi­ness Con­ti­nui­ty Manage­ment (BCM)” of the Swiss Ban­kers Asso­cia­ti­on, which is reco­gnized as a mini­mum standard.

FINMA has published the fol­lo­wing docu­ments in this regard:

• Media release
• Hea­ring Report
• new RS 2023/01
• Expl­ana­ti­ons

A del­ta­view bet­ween the draft and the final ver­si­on of the RS can be found here. We have also pre­pared a ver­si­on that inclu­des in the new text of the cir­cular each of the rele­vant state­ments of the hea­ring report and the expl­ana­to­ry notes, available here as PDF.

The revi­sed cir­cular will enter into force on Janu­ary 1, 2024. In addi­ti­on, tran­si­tio­nal pro­vi­si­ons over two years app­ly to indi­vi­du­al parts of the RS.