When you flip on a light switch, you expect the light to come on. When you dial a phone number, you expect it to ring. If an unexpected issue were to occur, what happens next? BNY Mellon must ensure systems and applications continue running as usual or with the least amount of interruption possible. This means working to avoid issues, as well as instantly initiating efforts if there is an issue—in other words, resiliency.
A core area to focus on when addressing a firm’s resiliency is technology—it’s a key foundational aspect for providing resilient, world-class products and services. Investments in reengineering and upgrading applications and infrastructure to ensure they are modernized, simpler, and more streamlined are essential. These investments ensure the stability, resiliency and security of BNY Mellon’s critical applications into the future, drive the company's progress, and help deliver the best client service and experience.
A strong foundation for resiliency requires a company to define critical business services. Developing a deep understanding of the end-to-end processes and its required people, technology and third parties results in a more cohesive strategy and approach to ensure the continuity of operations.
At BNY Mellon, we have built a map that effectively shows what each business service needs to run properly, and the upstream and downstream impacts. This map is foundational to a resiliency program.
Resiliency teams must be relentless in looking for ways to enhance operations and repeatedly test processes and systems. One way to test is through synthetic transactions—or mock transactions—that can help monitor the health of networks, applications and databases and ensure they are working as they should.
Transaction flows are also monitored to identify issues such as network slowness, database processing or application delays. Identified issues are escalated and correlated, so that remediation can begin. This testing and monitoring process is extremely valuable in improving resiliency.
Throughout BNY Mellon’s history, stability and dependability have been hallmarks of our business. The digital age has certainly changed the way the world does business, but it does not mean that the stability our clients are accustomed to will change. New technologies, such as Real-Time Payments and cryptocurrencies, are exciting advancements but also pose fresh challenges to resiliency. As the largest global custodian and provider of government clearing for the U.S. Government market, it is imperative that we are one of the most resilient banking institutions in the world.
“The digital age has certainly changed the way the world does business. It does not mean that the stability our clients are accustomed to will change. ”— Jeffrey Kuhn, BNY Mellon Enterprise Resiliency Office
By Elaine Friedman, Business Resiliency Lead for Treasury Services, BNY Mellon
In today’s digital world, our clients are becoming increasingly knowledgeable on resiliency—questions on the topic almost always surface and, in fact, it often drives conversations. That’s encouraging.
Our clients want to know that we are striving to provide business and operational continuity with minimal interruption. They want to feel confident that we will help them operate seamlessly by delivering business services through potential disruptions. Our clients can rest assured knowing that our resiliency goals and theirs align.
I have the privilege of serving as the Resiliency Lead for BNY Mellon’s Treasury Services business. In this role, I’m responsible for owning and managing execution of the Enterprise Resiliency Office’s objectives across business, operations and technology. It’s a significant responsibility, but one that helps to improve the services we provide to clients, and therefore, our clients’ businesses.
My peer Business Resiliency Leads and our Enterprise Resiliency Office work in collaboration with our business, operations and technology staff across locations and technology platforms to prevent, respond to and recover from incidents. We strive to limit the impact of any disruption and to help ensure that our recovery efforts do not adversely affect our clients. Client feedback indicates that our continued investments in resiliency and world-class operating platforms set us apart.
BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to reference the Corporation as a whole or its various subsidiaries generally and may include The Bank of New York Mellon, 240 Greenwich Street, New York, New York 10286, a banking corporation organized and existing pursuant to the laws of the State of New York and operating in England through its branch at One Canada Square, London E14 5AL, England. The information contained in this material is for use by wholesale clients only and is not to be relied upon by retail clients. Not all products and services are offered at all locations.
This material, which may be considered advertising, is for general information and reference purposes only and is not intended to provide legal, tax, accounting, investment, financial or other professional advice on any matter, and is not to be used as such. BNY Mellon does not warrant or guarantee the accuracy or completeness of, nor undertake to update or amend the information or data contained herein. We expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon any of this information or data. Trademarks and logos belong to their respective owners.
© 2019 The Bank of New York Mellon Corporation. All rights reserved.