The Operational Resilience Committee reviewed progress on OpRes binder wording, now with the DA Binder Wording Group. Results from the Committee Effectiveness Review showed strong performance, with suggestions to improve cross-committee collaboration. The committee was presented Lloyd’s evolving framework for Urgent Settlement Guidance (USG), which will be a dynamic document addressing recovery from fundamental service failures. The framework outlines an eight-week recovery timeline and emphasises stakeholder engagement, governance and alignment with the 2025 Market Wide Scenario Exercise.

The committee noted the submission of the Operational Incident and Third Party Reporting consultation response. Feedback from the PRA on self-assessments was discussed, including expectations around IBS testing outcomes and market-level vulnerabilities. Additional updates included a standard PRA request for self-assessments and a briefing on the UK Parliament’s inquiry into undersea cable resilience.