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Home > Prudential Regulation Authority > New Bank Start-up Unit > New Bank Start-up Unit - Mobilisation and operational risk meetings
 

New Bank Start-up Unit - Mobilisation and operational risk meetings

Pre-application | Initial meeting | Feedback meeting | Mobilisation and operational risk meetings | Challenge sessions

Why are the mobilisation and operational risk meetings important?

We may invite you to a mobilisation and/or operational risk  meeting depending on whether you will be taking the mobilisation route and/or whether your proposals include the need for innovative or particularly complex IT systems or the outsourcing of key operational aspects of your business.

There could be one or two meetings depending on your plans.

On this page you can find out more about the mobilisation and operational risk meeting including:

What do you need to know and do - Mobilisation meeting? 

If you will be taking the mobilisation route, at this meeting  we will fully discuss the mobilisation option with you, including what we will expect as a minimum before you can enter mobilisation, what we will expect of you during mobilisation and the process for leaving mobilisation. We will also discuss what business (if any) you may conduct during mobilisation and what will happen if you are unable to complete your mobilisation activities within 12 months or to the required standard.

What do you need to know and do – Operational risk meeting?

Where your proposition is heavily dependant on or involves innovative or particularly complex IT systems or you intend to outsource key operational aspects of your business (for example core banking systems, telephony or audit functions) we may arrange a separate meeting with our Technology, Resilience & Outsourcing specialists to focus on your IT systems and outsourcing agreements.

What needs to happen before the meeting?

Please send us any materials a minimum of 10 working days before the meeting so that we have time to review them and ensure we have as valuable a discussion as possible. If you cannot meet this deadline, we may have to reschedule the meeting.

What will happen at the meeting – Mobilisation?

You should be prepared for a detailed discussion about the credibility of your mobilisation plans, how you expect to track and report progress, and identify and manage risks and issues. In return, we will discuss our expectations and how we will interact with you during your mobilisation phase.

What will happen at the meeting – Operational risk?

For an operational risk meeting, you should be prepared for a detailed discussion about your IT systems and/or your proposed material outsourcing arrangements with our Technology, Resilience & Outsourcing specialists. In particular, how you expect to manage the risks attached to your IT systems (for example security, testing, software maintenance, and incident handling), how you plan to manage the operational risks associated with your use of third-party suppliers and your plans for monitoring and oversight of these arrangements. This meeting will usually take place at the FCA’s offices and your PRA case officer may also attend. However, we may also visit your offices if we want to see a demonstration of your IT systems.

What are the next steps?

At the end of the mobilisation and/or operational risk meetings, we will discuss the actions if your application progresses to the next stage. Within 10 working days of the meeting we will send you our formal feedback in a letter. You should continue to develop your Business Plan and incorporate responses to our feedback into the next version.

To find out more about the pre-application meetings click on the boxes below.




 

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