ECB’s Elderson: Banks Should Prioritise Operational Resilience

4 September 2024

By Isabel Teles – FRANKFURT (Econostream) – European Central Bank Executive Board member Frank Elderson on Wednesday said that banks needed to build operational resilience to deal with the constantly changing risk environment.

In a speech at the joint European Banking Authority and ECB international conference, Elderson said, according to a text provided, ‘We are therefore calling on banks to prioritise operational and cyber resilience and ensure that this resilience is integrated into their core business strategies. This will enable them to adapt and respond proactively to the fast-paced changes in the cyber threat landscape.’

For customers to maintain their confidence in the banking system, it was important that banks ensured their recovery capabilities in worst-case scenarios, he said.

‘Financial resilience alone is far from sufficient to weather operational headwinds – you need operational resilience’, he said. ‘And in order to bolster and maintain operational resilience banks must continue investing in future-proof systems, processes and people.’