No one-size-fits-all approach to resilience There is no silver bullet to prevent technology outages and cyberattacks . Every organisation is different and must innovate according to its individual needs . Operational resilience is all the more complicated when attempting to introduce new technologies simultaneously .

Simona Covaliu , Chief Risk Officer at PayU GPO , says : “ There ’ s no simple solution to operational resilience , especially when trying to innovate or incorporate technical innovation in dayto-day operations .

“ There are plenty of recipes for how to achieve it – for example , DORA describes in detail what regulators think needs to be done to be operationally resilient from a technology point of view .

“ They all have similar ingredients : identify critical assets with their upstream and downstream dependencies , monitor key risk indicators , formulate resilience scenarios , recovery strategies and exit plans and test those comprehensively .”

These activities allow fintechs to anticipate and prepare for potential crisis events before they occur . Indeed , if trained to respond quickly to technological setbacks , organisations can turn potential setbacks into opportunities for growth and innovation .

Each organisation ’ s challenge is unique to them and so is the solution . With the right infrastructure , financial institutions can combat these challenges with greater competency .

Compliance is key to fintech resilience Of course , to remain resilient organisations must first ensure onboarded new technologies are compliant . This is particularly true as

88 September 2024