The Operational Resilience Policy serves as a critical governance document for organizations operating under Maltese jurisdiction, establishing frameworks to maintain operational resilience in line with both local and EU regulatory requirements. This policy becomes essential when organizations need to demonstrate robust risk management capabilities, especially in regulated sectors where MFSA oversight applies. The document includes detailed procedures for risk assessment, incident management, business continuity planning, and third-party risk management, all tailored to meet Malta's regulatory environment while aligning with broader EU requirements such as DORA. It is particularly relevant for organizations providing critical services, handling sensitive data, or operating in regulated sectors where operational resilience is paramount to maintaining regulatory compliance and business sustainability.
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1. Purpose and Scope: Defines the objective of the policy and its application scope within the organization
2. Regulatory Framework and Compliance: Lists relevant regulations and standards the policy adheres to, including MFSA requirements and EU regulations
3. Definitions and Terminology: Defines key terms used throughout the policy, including technical and regulatory terminology
4. Governance and Oversight: Outlines roles, responsibilities, and accountability structures for operational resilience
5. Risk Assessment and Management: Details the approach to identifying, assessing, and managing operational resilience risks
6. Critical Business Services: Identifies and classifies critical business services and their impact tolerances
7. Business Continuity Management: Describes procedures for maintaining business continuity during disruptions
8. Incident Management and Response: Outlines procedures for detecting, responding to, and recovering from operational incidents
9. Third-Party Risk Management: Describes approach to managing operational resilience risks from third-party relationships
10. Testing and Assurance: Details requirements for testing operational resilience capabilities and controls
11. Reporting and Communication: Specifies internal and external reporting requirements and communication protocols
12. Review and Updates: States frequency and process for reviewing and updating the policy
1. Technology and Cyber Resilience: Detailed section on IT and cybersecurity resilience measures, recommended for organizations with significant digital operations
2. Data Protection and Privacy: Additional section focusing on operational resilience specific to data protection, recommended for organizations processing significant personal data
3. Financial Market Infrastructure: Specific section for financial institutions dealing with market infrastructure and payment systems
4. Remote Working Resilience: Section addressing operational resilience in remote working scenarios, relevant for organizations with significant remote operations
1. Impact Tolerance Metrics: Detailed metrics and thresholds for different business services and processes
2. Risk Assessment Templates: Standardized templates and methodologies for risk assessment
3. Incident Response Procedures: Detailed step-by-step procedures for different types of operational incidents
4. Business Continuity Plans: Detailed continuity plans for critical business services
5. Testing Schedule and Methodology: Annual testing calendar and detailed testing procedures
6. Key Stakeholder Contact List: Contact information for key internal and external stakeholders
7. Regulatory Reporting Templates: Templates for required regulatory reporting under MFSA and EU regulations
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Operational Resilience Policy
A comprehensive operational resilience framework aligned with Maltese and EU regulatory requirements, providing guidance on risk management and business continuity.
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