The global Pandemic tested established operational resilience procedures in unexpected ways. It made redundant some conventional solutions, accelerated the digitisation and digitalisation that regulators were already fretting about, and prompted a concerted push by regulators around the world for financial institutions to enhance their operational resilience to the novel and rapidly mutating threats created by digital technology. Yet the ability of regulators to devise sensible measures and even to enforce their will is questionable. Which is why operational resilience is an opportunity for the regulated to work with the regulators more constructively, and map a path towards a more effective solution than any number of statements of principle about how to deal with the novel threats created by the Cloud and tokenisation: namely, lifting the industry on to an entirely new operating model which despises of most forms operational risk at the source.

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