Technical committee meeting of the Insurance Industry Committee.

Working for the Growth, Development & Prosperity of Africa
04 Jun, 2024 | #####

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Technical committee meeting of the Insurance Industry Committee.

As the March 2022 operational resilience deadline approaches, insurers are focused on finalising their important business services, impact tolerances and self-assessments, and associated justifications to gain Board approval before the deadline. After the deadline we expect to see a shift in focus away from project-based activity towards bedding in new ways of working across business areas. Activity will be the most intense in three areas: firstly, the remediation of vulnerabilities identified during initial mapping and testing. Secondly, a ramping up of stressed scenario testing and continuous improvement activity, with tests of increasing breadth, duration and severity, designed to improve understanding of whether tolerances can be met. Finally, a revision and re-alignment of crisis management, business continuity and disaster recovery playbooks to ensure that tolerances can be fully met by March 2025.

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