The Operational Resilience Committee welcomed new member and reviewed updates on BP2 contingency planning. A revised delivery and testing plan for BP2 will be published in March, including phased cut-over considerations and independent assurance from Alix Partners and EY. The committee discussed Lloyd’s assumption of responsibility for Urgent Settlement Guidance (USG), which will be renamed, and the need for a cross-market group to support resilience planning.

An interim update on the incident response consultation highlighted concerns about increased regulatory reporting and the value of feedback from the regulator. The committee also progressed its 2025 priorities, with new working groups established to address key goals. Discussions included OpRes binder wordings and due diligence approaches for coverholders. Feedback from the PRA on self-assessment process maps and safety and soundness metrics was shared, with a standing item agreed for future regulatory feedback.