In this way, we can increase the financial resilience of the system and individual firms, a fundamental aspect of protecting consumers. The Central Bank has significantly enhanced the intensity and intrusiveness of its supervision of IT related risk across the financial services sector.
Identified issues are required to be resolved through risk mitigation programmes and we will continue to issue thematic findings from our work to highlight areas for improvement for all firms so that their foundations are sufficiently strong to effectively manage the technology risks. Where necessary we have used our powers to sanction failures and required the use of third parties to help drive improvements.