This discussion paper sets out how we propose to evolve our approach to regulating operational resilience to achieve the best outcomes for customers, society and the environment. Alongside our current thinking on asset health performance commitments for the 2024 price review (PR24), this paper also sets out our proposal to use an iterative three stage process to achieve our longer-term ambition to develop an integrated monitoring framework for operational resilience. We propose first to target reporting of a small number of additional water and wastewater measures; then gain further insight through the collaborative development and refinement of enhanced monitoring and finally consolidate each element into an integrated monitoring framework. This will enable us to form a holistic and more complete view of asset health and wider operational resilience in the sector. This discussion paper follows two recent consultations: 'Assessing base costs at PR24' and 'PR24 and beyond: Performance commitments for future price reviews' and engagement with the sector. We welcome responses to this paper which we will review and consider.