Recovery & Resolution Preparedness: Choosing the Right Approach for SR 14-1 Compliance Whitepaper

On January 24, 2014, the Federal Reserve issued SR 14-1. As a supplement to SR letter 12-17/CA letter 12-14, the new regulation provides specific guidance about the capabilities that financial institutions will need to maintain by July 2017 to ensure effective recovery and resolution preparedness.

Practically speaking, the guidance that SR 14-1 sets forth boils down to one thing: They need to set up a reporting capability for presentation to the Fed, and fast, easy, and reliable access to critical information to feed the reporting. Much of that information resides in the tens, to hundreds of thousands of contracts that represent an organization’s transactions, relationships, obligations, opportunities, and liabilities.

Although many have internal systems in place to capture various bits of the information they need, those systems are often siloed, spread across different parts of the business, and incomplete. As they begin to unravel the full implications of what SR 14-1 actually entails, their recovery and resolution teams soon discover that they don’t have a single, consolidated way to meet all of the regulation’s requirements. Nor are they in a position to be able to pivot to comply with any new regulations, or changes in existing regulations that may be implemented by the Fed.

Download this whitepaper to learn the best way to approach the complexities involved in achieving and maintaining compliance with SR 14-1.


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