Federal Reserve System today is an invited comment on proposed updates to operational risk management requirements for certain systemically important financial market utilities that it supervises.

The Fed said the broad operational risk, technology and regulatory landscape in which FMUs operate has “evolved significantly” since the last update to risk management requirements in 2014. New challenges have emerged, such as global pandemics and cyber events, while new technological advances could improve resilience, the Fed said, adding that the proposed updates would provide “more specificity to existing requirements.”

The updates address four key areas: incident management and notification; business continuity management and planning; third party risk management; and review and testing of operational risk management measures.

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