they will face in severe but plausible scenarios and then demonstrate how they will remediate any disruption in a timely manner. the experience gained from this testing can then inform how firms monitor risks to their operational resilience and increase the maturity of their overall processes. policy interactions for the recent march 2022 deadline, firms had to meet the first two of these elements, namely identifying the ibs and setting impact tolerances. looking ahead to the next key deadline, which is in 2025, firms will have to prove that they are able to remain within the impact tolerances that they have set out, and this is where the assurance gained from high quality testing will be key. i would also like to highlight the interaction of these expectations with the pra ’ s outsourcing and third party risk management policy2, which was published at the same time as the policy on op res. my former colleague lyndon nelson gave a speech last year3 setting out how the approaches in the two policies complement each other. in his remarks he very clearly stressed that whilst firms can outsource services, their boards and senior management cannot outsource their ultimate accountability and responsibility for their resilience. our op res policy further emphasises this point. the identification of ibs, determining the maximum tolerable level of disruption to those services and taking measures so that firms can remain within those tolerances under severe but plausible scenarios, means firms and their boards need to assess in detail the dependencies that they have on other parties. 2. our initial supervisory assessment of firms ’ progress having provided a brief summary of the policy, i wanted to share some initial feedback on the progress that uk banks and building societies ( firms ) have made in meeting our expectations. we are still at a relatively early stage in our analysis and engagement with firms, with it being less than a month since we have received the initial responses from firms. so i want to emphasise that this initial feedback will be preliminary, and we won ’ t at this stage be able to say what “ best in class ” looks like for each aspect of the policy. however, there are some important 2 / 6 bis central bankers'speeches themes that are already emerging from our review of the board - approved lists of ibs and impact tolerances which we received. findings on important business services identification on ibs, our current view is that firms have generally made positive progress against our expectations for identifying these services. this is good to see and reflects well on the

( 2021 ),'remittance prices worldwide quarterlyopens in a new window'4 financial stability board ( 2023 ),'fsb invites senior representatives from firms and industry associations to join cross - border payment taskforceopens in a new window'5 bank for international settlements : committee on payments and market infrastructure ( 2023 ),'bank for international settlements'committee on payments and market infrastructures invites market stakeholders to join cross - border payments interoperability and extension task force'opens in a new window 6 these forums are detailed in the fsb's priority actionsopens in a new window paper ( table 4 ). 2 / 2 bis - central bankers'speeches