Jurisdiction(s):
United Kingdom

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Key definition

risk definition

What does risk mean? In legal practice, risk describes the possibility that a reasonably foreseeable circumstance or event could adversely affect legal rights, regulatory compliance, business operations, or the security of systems and data. The term is widely used across legal contexts, with certain regimes articulating it expressly. Cybersecurity: In the EU NIS2 framework (as transposed in Ireland), risk means any reasonably identifiable circumstance or event having a potentially adverse effect on the security of network and information systems. In the UK, the Network and Information Systems Regulations 2018 adopt a comparable risk‑based approach to security and incident handling; while “risk” is not defined as...

UK insurers’ operational risk and resilience: FCA SYSC 13 systems and controls, notifications, business continuity and outsourcing (including PRA requirements)

Published by a LexisNexis Financial Services expert

Practice notes

This Practice Note explores the obligations contained in Chapter 13 of the Financial Conduct Authority (FCA)’s Senior Management Arrangements, Systems and Controls sourcebook (SYSC 13), and offers insurers direction on setting up and sustaining robust systems and controls to manage operational risk.

Purpose of SYSC 13

SYSC 13 is intended to assist with the interpretation of SYSC 3.1.1 R and SYSC 3.2.6 R, which prescribe how firms should establish and maintain systems and controls for the management of operational risk. The chapter addresses systems and controls for risks arising across any aspect of a firm’s operations, but it does not extend to systems and controls for credit, market, liquidity or insurance risk. Firms should also take account of the operational risk provisions in the FCA’s Conduct of Business sourcebook (COBS), SYSC 14 (risk management and associated systems and controls for insurers) and SYSC 15A (operational resilience). Further information is available in Practice Note: Governance, systems and controls Requirements for insurers.

Application of SYSC 13

SYSC 13 applies to insurers, save for friendly societies that are not Solvency UK firms...

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Web page updated on 22/05/2026

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