Leading the Charge in Operational Resilience: A Recap of the Practical, Proactive & Resilient Third Party Risk Strategies Event

As the financial services industry adapts to new regulatory landscapes and dynamic market conditions, the focus on operational resilience and third-party risk management has never been more critical. At Escode, we’re at the forefront of these conversations, ensuring that businesses are well-equipped to safeguard against disruptions while meeting compliance demands. We are thrilled to reflect on our recent participation as a Platinum Sponsor at the Practical, Proactive & Resilient Third Party Risk Strategies in Financial Services event held last month in London.

The Event: A Hub for Resilience Experts

The event brought together industry leaders, experts, and professionals committed to operational resilience and third-party risk management. It was a crucial opportunity for these professionals to come together and discuss the strategies that will define the future of financial services. As a Platinum Sponsor, we were honored to play a pivotal role in advancing these vital conversations and ensuring that operational resilience remains at the forefront of financial service strategies.

Wayne Scott’s Keynote Address: Disruption as Usual – Escrow’s Role in Third-Party Risk Management

Building on the work he presented last year, Wayne Scott, Escode’s Regulatory Compliance Solutions Lead, expanded on the theme of financial instability triggered by supplier failure and the cascading effects it can have on global financial systems. His insights resonated with professionals in attendance, emphasizing the importance of proactive risk management and the need for businesses to strengthen their resilience frameworks.

Wayne’s address covered a range of pivotal topics, providing attendees with insights into the strategies required to safeguard against operational disruptions and ensure operational resilience.

Key Insights from Wayne’s Presentation

• Real-World Examples of Disruption: Wayne shared several powerful examples of recent disruptions in the financial sector, including the collapse of Silicon Valley Bank, Stenn’s failure, and the Bank of Japan's decision to raise interest rates. He emphasized how these events highlight the vulnerability of financial institutions and the importance of being prepared for the unexpected.
• Financial Instability and Supplier Failure: Wayne explored how the failure of a single supplier can trigger a chain reaction, ultimately leading to global financial instability. This insight underscores the need for thorough due diligence and robust contingency planning.
• Stressed Exit Planning: One of the key takeaways was the importance of having a well-defined stressed exit plan. Wayne discussed the necessity of identifying areas for improvement, as well as strategies that organisations can use to maximise the success of exit plans under stress. He also highlighted the success of well-executed stressed exit plans in navigating turbulent situations.

• Supply Chain Requirements: Wayne also delved into the critical elements that regulated entities need from their supply chains, providing an analysis of common pitfalls and how to navigate these challenges effectively.
• Opportunities in Regulatory Change: Wayne shed light on the growing global regulatory alignment, with new regulatory announcements expected in 2025. While these changes may present challenges, he discussed how organizations can leverage them as opportunities to strengthen resilience and compliance frameworks.

Networking and Collaboration

Beyond Wayne’s presentation, the event offered countless opportunities for networking and collaboration. Professionals were able to engage with peers, share best practices, and explore the latest trends in operational resilience and third-party risk management. For Escode, it was a perfect chance to connect with leaders in the industry and further our commitment to enhancing operational resilience across the financial services sector.