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RESilience MEasurement Solution 

for Financial Services

by zeb and Fraunhofer EMI

Financial services providers are faced with the challenge of improving their resilience against external disruptions and internal vulnerabilities. The frequency and complexity of crisis scenarios – especially in the cyber context – are constantly increasing, as are the demands of customers, regulators and the public for stable financial services that are available 24/7. 

As a consequence, resilience is becoming a strategic success factor for banks and insurance companies.

In order to achieve this resilience, the following four fundamental challenges must be overcome.

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Increased (cyber) risks ㅤㅤㅤㅤㅤ

3 out of 4 security managers acknowledge that their company is subject to greater cyber risk than it used to.

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Rising number of successful (cyber)attacks

One in two organizations has been the victim of a successful cyberattack in the last three years.

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Increasing economic damage

A third of all companies that fall victim to a ransomware attack decide to pay the ransom.

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Extended regulatory requirements

Legislators have also recognized the increased threat levels and responded with new requirements in the form of DORA.

The importance of resilience 

Resilience is the ability to prepare for disruptions or incidents, absorb them and maintain or quickly restore core functionalities as well as learn from experience and adapt to changing circumstances.

DORA made it mandatory for all financial companies to develop a proprietary resilience strategy as well as review and test its effectiveness by January 2025.

Measuring, quantifying and assessing resilience is of crucial importance for precisely identifying weak spots and determining the effectiveness of resilience-related measures.

zeb and Fraunhofer Institute for High-Speed Dynamics, Ernst-Mach-Institut, EMI jointly provide a solution for comprehensively measuring resilience based on several evaluation dimensions. Moreover, the solution enables FSPs to compare their current status with the required resilience ambition level and also provides concrete guidelines for necessary measures.

Smart Resilience Starts Here

Our solution

The joint solution allows our clients to measure both their overarching and their digital operational resilience in a targeted manner.

Together, these two components – overarching and digital operational resilience – provide institutions with a transparent overview of their overall resilience. A dedicated deep dive into the digital aspects allows them to develop a regulatory-compliant solution.

By comparing their current actual resilience skills with the desired target state, the institutions can easily determine their digital resilience across all dimensions (e.g. third-party management, information security and business continuity management).

 

Basic resilience skills include:

Anticipation

… helps institutions identify future potential crises, incidents, changes and challenges at an early stage in order to minimize possible negative effects. 

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This allows them to proactively prepare for and continuously optimize measures to counteract possible disruptions.

Robustness

… helps institutions counteract potential and direct impacts of the crisis or incident in order to maintain basic operability.ㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤ

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This allows them to remain stable before and during disruptions by adapting quickly and to mitigate damage.

Regeneration

… helps institutions recover quickly after a crisis or incident and adapt to a new normal.                                                                                  

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This minimizes the time needed for recovery and the long-term consequences of the disruptions.

 

Our solution makes it possible to …

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… evaluate and present resilience skills from different perspectives.

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… determine the maturity level of resilience skills in the financial institution’s actual and target situation.

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… integrate existing assessments on relevant resilience topics and previously collected metrics.

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… efficiently derive measures to continuously improve resilience.

Goals and added value

Aim of the tool
The aim of the tool is to enable our clients to transparently measure their institution’s resilience and at the same time provide a basis for continuous development and improvement.

Regulatory compliance
The tool was developed based on the ECB’s IT Risk Questionnaire to provide the users with a proven, structured and compliant approach.

Broad applicability
The final comparison provides an easy-to-understand result and a clear analysis of the institution’s level of resilience over time.

High degree of customization possible
The tool offers extensive customization options so that the institution’s own methods for determining resilience can easily be integrated.

Industry-specific experience paired with scientific expertise  

For over 30 years, zeb has been home to independent financial industry consultants and specialists on all aspects of banking and regulatory management – including business models, strategies, finance and risk as well as software implementation.

zeb has many years of experience in developing regulatory software for the financial services industry. zeb has extensive expertise in dealing with ongoing supervisory changes and with long-term, continuous and professional development processes.

For over a decade, the Fraunhofer Institute for High-Speed Dynamics EMI has been developing software solutions aimed at making society and its infrastructures more resilient. By using modern technologies and methods, Fraunhofer EMI supports institutions in better managing risks, optimizing their processes and thus increasing their overall resilience.

Together, we are your highly competent and reliable partner for long-term collaborations on the important topic of resilience!

FAQs

In what form is the tool available?

Similar to the IT Risk Questionnaire, the resilience tool is available as a self-assessment that can be completed independently.

What does self-assessment mean in this context?

Our clients can carry out the evaluation on their own – guided by clear and well-structured questions, benchmarks and evaluation criteria. Our experts are always on hand to answer your questions.

In concrete terms, what does the tool produce?

The tool provides a clear assessment of your institution’s current resilience by summarizing it in an easy-to-understand score. By comparing that figure to your desired minimum resilience score, you can identify gaps and possible areas for action.

How much time does it take?

This highly depends on your institution – we are happy to help you identify the most important areas and make the results available within the desired time frame.

Image of a graph for the RESMES tool

Feel free to contact us

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Gunter Brinkmann

Senior Manager
Eine Frau, die in die Kamera lächelt

Patricia Walter

Senior Consultant
Ein Mann in Anzug und Krawatte

Constantin Blum

Senior Consultant