Dimitri Chichlo

Banks and financial institutions continue to flood regulators and financial intelligence units with tons of suspicious activity reports/suspicious transactions reports (SARs/STRs) 📚. Here are just a few headlines from recent weeks: 📰 "400 files on suspected financial crimes pile up in Luxembourg due to lack of resources" 📰 "Suspicious transaction reports doubled <in the Netherlands> last year"  📰 "The number of STRs in Lithuania remained close to 100,000 for the second year in a row". Such high numbers of SARs/STRs overload FIUs with technical work, distract them from the important tasks in the fight against FinCrime, and can create noise as to what actually are the most relevant current FinCrime typologies. Is there light at the end of the tunnel? Yes, there is. And we can see it in the UK figures. It is one of the few financial centers in Europe where the number of SARs/STRs is decreasing. What has happened in the UK? A few important things to keep in mind: 👉 The UK government and National Crime Agency (NCA) has set a goal to improve the SAR reporting system 👉 The target has been set to provide more and better feedback to covered entities on their reporting practices. Does this lead to greater regulatory blindness? No, on the contrary, the number of frozen assets is growing at quite a high rate in the UK. At AMLYZE, we are now striving to act positively at both ends, working closely with our clients to help them identify, isolate and ultimately report what is truly suspicious, while at the same time exploring ways to improve the capacity of FIUs to make sense of large numbers of SARs. And we look forward to sharing our achievements in this area with you later this year! #STRs #RegulatoryReporting #AMLYZE

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ESAs Publish Second Set of Rules for DORA Compliance Clarifying Third-party Risk and Reporting Requirements BCI has published an excellent distillation of the most recent DORA clarifications in ESAs publishes second sets of rules for the application of the Digital Operational Resilience Act (DORA) These rules further clarify requirements for ICT risk management, incident reporting, and digital operational resilience testing – with particular emphasis on third party software and supplier risks. As the January 2025 compliance deadline approaches, it is essential for financial firms to integrate these guidelines into their operational frameworks to ensure resilience and regulatory alignment. For more detailed info, see the article below and to learn how to best manage third party bug risk, visit www.findbugzero.com. #DORA #OperationalResilience #RiskManagement #Compliance #ICT #BugZero

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ICT Risk Management Framework - Commission Delegated Regulation (EU) 2024/1774 Article 6 Encryption and Cryptographic Controls Article 6 of the EU regulation 2024/1774 outlines the necessary steps that financial entities must take to ensure the security of data through encryption and cryptographic controls. The article specifies the development, documentation, and implementation of a structured policy based on previous risk assessments and data classifications. It details specific requirements for additional controls regarding data at rest, in transit, and in use, along with stipulations on cryptographic key management and adherence to industry-leading practices. Furthermore, it emphasizes the necessity for regular updates of cryptographic technologies to counter evolving cyber threats and mandates that any deviations must be accompanied by mitigation and monitoring measures. This article establishes requirements for financial entities to develop and implement policies regarding encryption and cryptographic controls as part of their ICT security protocols. Target Audiences: 1. Financial Entities Type: Business Entity Financial entities are required to comply with these encryption and cryptographic controls as part of their ICT security measures to protect sensitive data. Key Focuses: 1. Development of Encryption Policy Financial entities must establish a documented policy governing encryption practices as part of their ICT security strategy. 2. Risk Assessment Basis The encryption policy must be founded on an approved classification of data and ICT risk assessment outcomes. 3. Data Encryption Requirements Requirements for encryption cover data at rest, data in transit, and data in use, ensuring comprehensive data protection. 4. Cryptographic Key Management The article requires detailed rules for the management of cryptographic keys, including their protection and lifecycle management. 5. Mitigation Measures Should financial entities face challenges in using leading cryptographic practices, they must adopt mitigation measures to maintain resilience against risks. 6. Updating Cryptographic Technology Financial entities have the obligation to keep their cryptographic technology updated in response to developments in cryptanalysis. 7. Monitoring for Cyber Threats Measures must be in place for ongoing monitoring to ensure resilience against potential cyber threats affecting cryptographic systems. 8. Documentation of Measures Entities are required to document any mitigation and monitoring measures adopted and provide rationale for their implementation. #grclibrary #ict #eurlex #celex

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New Release: Cyber Security Risk Handbook   ecoDa a.s.b.l - The European Confederation of Directors Associations and the Internet Security Alliance (ISA) have revised their manual on monitoring cyber risks, which was first published in 2020. The Swiss Institute of Directors is the Swiss representative of ecoDa a.s.b.l - The European Confederation of Directors Associations.   An update was necessary to reflect the current state of cybersecurity and cybersecurity legislation, as well as the new roles and responsibilities of boards of directors. The handbook was specifically developed to assist European company boards in analyzing cyber issues from an enterprise-wide perspective.   The handbook contains five principles, which are supplemented by toolkits to provide more detail. Both are useful to assist boards in fulfilling their responsibilities for cyber risk oversight. Explore to the handbook and toolkits: https://lnkd.in/e5H9pR6n Explore the Swiss Institute of Directors: https://lnkd.in/eRmW3tsY #empoweringboardleaders, #boardleaders

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✏️[#BlogPost] Organisations need go beyond risk identification. It is time to understand its impact both from an operational and strategic level. Citalid has developed a Cyber Risk Quantification platform to provide a clear vision of contextualised risk trough the lense of the dynamic threat landscape and the associated financial impact of this risk. 👀 🎯 In practical terms, Cyber Risk Quantification (#CRQ) by Citalid meets a number of objectives such as: carrying out a risk study to identify priority areas for improving security, conducting a business-oriented risk study or assessing the threat level... 🔍 Benjamin Canu, Head of Customer Success, shares his views in this article listing the 9 objectives that can be achieved by organisations through the use of cyber risk quantification. Read the article here 👉 https://lnkd.in/eRHQ8UET Maxime Cartan Julien C. Olivier Hamon Clément Tallec Marie Giesbert #CyberRiskManagement #CyberRiskQuantification

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On 1st May 2024, The Money Laundering Reporting Office #MROS - FIU Switzerland - published its detailed annual report for 2023. The report covers numerous topics and statistical data characterizing the results of the actions taken and the difficulties faced in fighting #moneylaundering. It also focuses on the consequences of legal changes involving the transparency register, introducing goAML, and updating the Anti-Money Laundering Act (AMLA) that helped to make financial transparency and crime detection more effective. Here’s a quick view of the 2023 stats as compared to 2022 and 2021. It reveals a significant rise in the number of Suspicious Activity Reports where MROS handled 11,876 #SARs reports in 2023, marking a 56% increase compared to the previous year. It increased drastically compared to 2022 (7639 SARS) and 2021 (5964 SARS). 90.5 % of SARs were detected in the #bankingsector this year, whereas 92 percent had been detected in 2022. Found maximum engagement with #cryptocurrencies with 14.5% of whole SARs in 2023. On the other hand, this is a small rise of 13.8% from 2022 which is approximately double from 2021 reports with 8.4 %. MROS recorded 696 information responses from 2023 to #Swissauthorities, with a rise of 4.3% from last year's total (667 requests in 2022 ) and (-+540 requests in 2021). Shows the higher collaboration among authorities with maximum information sharing. MROS has 866 cases headed for prosecution authorities. Unlike the previous year of 1232 and 1486 in 2021. The number of instances decreased in 2023, but they were more severe than in previous years.  7.1% rise in the amount of requests for information under Art. 11a AMLA from 2022.  In 2023, MROS boosted its international cooperation by sending 280 information requests to 67 different FIUs which was a 6.9 % increase from 2022. There is a 17.2% decrease in incoming requests, receiving 705 from 92 foreign FIUs. The document focuses on other crucial spheres as well including the use of the risk-based approach and complete progress in #counterterrorismfinancing #AMLcompliance, and #antimoneylaundering systems. You can read the full report here: https://lnkd.in/diwp9Kym #MoneyLaundering #Compliance #MROS #AML #Dirtymoney #AMLWatcher

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Learning points from FINMA on the importance of robust AML controls The following announcement made by The Swiss Financial Market Supervisory Authority (FINMA) highlights how regulators may take different enforcement action against a regulated/supervised entity which can in some cases result on restrictions and/or directions being placed on the entity, such as restrictions on new business and appointment of independent auditors/reviewers. This is a timely reminder that the JFSC have powers to: 💠 Attach conditions to the registration 💠 Issue directions 💠 Require independent investigations to be carried out on their behalf. The announcement related to HSBC Private Bank (Suisse) SA and violations of Swiss money laundering regulations, in connection with banking relationships held with 2 PEPs and related to transactions carried out between 2002 and 2015. The case was deemed a serious violation of Swiss financial market law. HSBC Private Bank (Suisse) SA co-operated with FINMA’s proceedings. FINMA found that that bank had failed to: 💠 Carry out adequate checks of either the origins, purpose or background of the assets involved 💠 Sufficiently clarify and document a number of high-risk transactions 💠 Recognise the indications of ML presented by these transactions 💠 Satisfy requirements for the initiation and continuation of customer relationships with PEPs 💠 Notify the MLRO over a protracted period. A report was not filed until September 2020, after the business relationships closed in 2016 FINMA has ordered the bank to conduct a review of all the current high-risk business relationships and business relationships with PEPs, the review will be subject to monitoring by an onsite “audit agent” who is required to submit a report to FINMA. The bank now has a restriction on entering into any new business relationship with PEPs until such time as completed of the reviews has been confirmed by the audit report. https://lnkd.in/eqR229Vi

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🎫 Join Luigi Gubello of Pitch for OpenSSF Security Insights: Empower Your GovOps at our Open Source in Finance Forum on 26th June in #London 🔗 https://bit.ly/3wwMvRQ Talk Abstract Discover the OpenSSF Security Insights specification, redefining open-source project security standards and compliance through automation and measurement. This specification provides a concise, machine-readable overview of project security, simplifying both human interpretation and automated processing. The specification helps security engineers and developers to have a project overview, standardizes attestation related to policies and licenses, and makes enables measurable information collection for open-source artifacts. This missing capability is essential for anyone creating software for highly regulated industries. Come explore the value of this open specification and the ecosystem that is quickly growing around it. 📆 OSFF Schedule: https://bit.ly/4agvQj7 Event presented by FINOS & The Linux Foundation #OSFF2024 #OSinFinance #opensource #fintech #financialservices #techevent #conference #opensourcecommunity

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🚨BCBS239 – A Renewed ECB Priority : The Role of the Management Board🚨   On 3rd May 2024, the #ECB released its Guide on Effective Risk #Data Aggregation and Risk Reporting (#RADRR). The Guide outline seven areas deemed crucial by the ECB for sound data governance and effective risk identification, monitoring, and reporting.   To help you navigate these important updates, Avantage Reply has created a series of seven one-pagers, each summarising the key messages. Our first one-pager focuses on the critical role of the Management Board.   👉 Read the one-pager here: https://bit.ly/4aTeFol   #BCBS239 #RiskManagement #DataGovernance #Management

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Join us on the 𝟭𝟳𝘁𝗵 𝗼𝗳 𝗢𝗰𝘁𝗼𝗯𝗲𝗿 𝟮𝟬𝟮𝟰 for a dynamic conference, "𝗦𝗵𝗮𝗽𝗶𝗻𝗴 𝗧𝗵𝗲 𝗙𝘂𝘁𝘂𝗿𝗲 𝗼𝗳 𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗼𝗿𝘆 𝗮𝗻𝗱 𝗔𝗻𝘁𝗶-𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗖𝗿𝗶𝗺𝗲 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲," powered by the ACAMS 𝗖𝘆𝗽𝗿𝘂𝘀 𝗖𝗵𝗮𝗽𝘁𝗲𝗿 and the European Institute of Management and Finance (EIMF). 🎯 𝗪𝗵𝘆 𝗬𝗼𝘂 𝗦𝗵𝗼𝘂𝗹𝗱 𝗔𝘁𝘁𝗲𝗻𝗱: ✅ Understand the 𝗟𝗮𝘁𝗲𝘀𝘁 Regulatory Changes ✅ Discover Proven Anti-Financial Crime Compliance 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗲𝘀 ✅ Strengthen Your Expertise in 𝗦𝗮𝗻𝗰𝘁𝗶𝗼𝗻𝘀 Compliance ✅ Learn How to 𝗠𝗮𝗻𝗮𝗴𝗲 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗧𝗿𝗮𝗻𝘀𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻 in Regulatory Compliance ✅ Gain 𝗣𝗿𝗮𝗰𝘁𝗶𝗰𝗮𝗹 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀 into Cybersecurity & Resilience ✅ 𝗖𝗼𝗻𝗻𝗲𝗰𝘁 𝘄𝗶𝘁𝗵 𝟭𝟳 leading experts, policymakers, and industry leaders This programme may be approved for up to 𝟲 𝗖𝗣𝗗 𝘂𝗻𝗶𝘁𝘀 𝗶𝗻 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗶𝗼𝗻 & 𝗔𝗠𝗟. 𝗔𝗖𝗔𝗠𝗦 𝗠𝗲𝗺𝗯𝗲𝗿𝘀 may be eligible to receive up to 𝟰 𝗔𝗖𝗔𝗠𝗦 𝗰𝗿𝗲𝗱𝗶𝘁𝘀. 📅 𝗗𝗮𝘁𝗲 | 17th October 2024 📍 𝗩𝗲𝗻𝘂𝗲 | Journalists House 𝗘𝗻𝘀𝘂𝗿𝗲 𝘆𝗼𝘂𝗿 𝗮𝘁𝘁𝗲𝗻𝗱𝗮𝗻𝗰𝗲 𝗯𝘆 𝗿𝗲𝗴𝗶𝘀𝘁𝗲𝗿𝗶𝗻𝗴 𝗻𝗼𝘄 | https://buff.ly/3ZCvxh8 #eimf #ACAMS #conference #regulatory #AFC #compliance #practical #insights #CPDUnits

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#1 Operational Risk for EU Banks? Cyber & Data Security ⚠️ Why should compliance teams at VASPs care?    📋The EBA recently published the spring edition of its risk assessment report (RAR), noting that European banks face their biggest operational risks in cyber and data security. ❗ Cyber-attacks, including successful ones, are on the rise.  Over half of EU-assessed banks stated they had 𝗯𝗲𝗲𝗻 𝘃𝗶𝗰𝘁𝗶𝗺𝘀 𝗼𝗳 𝗮𝘁 𝗹𝗲𝗮𝘀𝘁 𝗼𝗻𝗲 𝗰𝘆𝗯𝗲𝗿-𝗮𝘁𝘁𝗮𝗰𝗸 in the second half of 2023! 🏦 EU banks are not alone — 𝗩𝗔𝗦𝗣𝘀 𝗮𝗿𝗲 𝘃𝘂𝗹𝗻𝗲𝗿𝗮𝗯𝗹𝗲 𝘁𝗼 𝘁𝗵𝗲 𝘀𝗮𝗺𝗲 𝗿𝗶𝘀𝗸𝘀 and may use these insights to inform their priorities and IT choices. 📋 Enhancing cyber and data security will be mandatory under the Digital Operational Resilience Act (DORA) starting in 2025. Still, it is clear that the risks to the entity and its customers are real and relevant right now. 🔗 𝗧𝗵𝗲 𝘀𝘁𝗮𝗸𝗲𝘀 𝗮𝗿𝗲 𝗲𝘃𝗲𝗻 𝗵𝗶𝗴𝗵𝗲𝗿 𝗳𝗼𝗿 𝗩𝗔𝗦𝗣𝘀, 𝗲𝘀𝗽𝗲𝗰𝗶𝗮𝗹𝗹𝘆 𝗶𝗻 𝘁𝗵𝗲 𝗰𝗼𝗻𝘁𝗲𝘅𝘁 𝗼𝗳 𝘁𝗵𝗲 𝗧𝗿𝗮𝘃𝗲𝗹 𝗥𝘂𝗹𝗲, since the sensitive data collected and exchanged can uncover a greater amount of financial detail than the VASP holds due to the visibility of a person's activities on the blockchain. 🔐 Hence, keeping bank-grade 𝗰𝘆𝗯𝗲𝗿 𝗮𝗻𝗱 𝗱𝗮𝘁𝗮 𝘀𝗲𝗰𝘂𝗿𝗶𝘁𝘆 𝗹𝗲𝘃𝗲𝗹𝘀 𝘀𝗵𝗼𝘂𝗹𝗱 𝗻𝗼𝘁 𝗯𝗲 𝗮𝗻 𝗮𝗳𝘁𝗲𝗿𝘁𝗵𝗼𝘂𝗴𝗵𝘁 for any process that touches sensitive data, which is the case of Travel Rule compliance. 👁️‍🗨️ This is best achieved by keeping PII within the financial entity, as adding a third-party provider impacts transparency on how this sensitive data is handled, stored and deleted. 🔹 Finally, risks related to customers’ transactions received from or sent to jurisdictions subject to international sanctions remain the most relevant financial crime risks for banks. The Travel Rule aims to solve this exact need for VASPs. 🔹 Although most firms focus on the collection of data from their customers and rely on VASP networks for vetting counterparties, the key for compliance teams 𝘁𝗼 𝗺𝗶𝘁𝗶𝗴𝗮𝘁𝗲 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗰𝗿𝗶𝗺𝗲 𝗿𝗶𝘀𝗸𝘀 𝗶𝘀 𝗸𝗻𝗼𝘄𝗶𝗻𝗴 𝘆𝗼𝘂𝗿 𝗰𝗼𝘂𝗻𝘁𝗲𝗿𝗽𝗮𝗿𝘁𝗶𝗲𝘀 through proper due diligence. Ensuring transactions only occur with vetted and trusted firms. 🔹 Banks, mining companies, and VASPs who take data protection seriously opt for an on-premises Travel Rule solution, like 𝟮𝟭 𝗧𝗿𝗮𝘃𝗲𝗹 𝗥𝘂𝗹𝗲. ✅ Choosing an on-premises solution allows you:  - to decide when data is physically deleted and data protection obligations are fulfilled;  - be independent and not rely on the provider's availability and uptime to complete transactions; - prevent additional risks and points of failure. 💡 If you are concerned about the data risks Travel Rule compliance adds to your operations, talk to us and learn why we differ from the alternatives.

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Top #cybercrime investigation and #cyberlaw events of the 1st week of June: 1. Spain's most wanted cybercriminal arrested in Romania 2. Former top managers convicted of selling data on millions of Americans to fraudsters 3. Four arrested for aiding wanted cybercriminals bypass Interpol’s Red Notice system 4. ATM skimmer extradited to Puerto Rico to face charges of identity theft and bank fraud 5. Europol cracks down on money mule service providers laundering over 10M euros https://lnkd.in/gAaJrv5W #technology #law #justice #lawenforcement #cybersecurity

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Last Friday (July 26), the European Central Bank (ECB) concluded its cyber resilience stress test, assessing how banks would respond to and recover from a severe but plausible cybersecurity incident. This test involved 109 banks, with 28 undergoing more extensive testing. The results will contribute to the ECB’s 2024 Supervisory Review and Evaluation Process (SREP). Key Highlights: 1. Purpose of the Stress Test: - Launched in January 2024, the test focused on banks' response and recovery from a cyberattack, rather than prevention. - It featured a scenario where all preventive measures failed, severely affecting banks’ core systems. 2. Areas Tested: - Response: Banks had to demonstrate their ability to activate crisis response plans, communicate with stakeholders, analyze affected services, and implement mitigation measures. - Recovery: Banks needed to show they could activate recovery plans, restore data, coordinate with third-party service providers, and implement lessons learned. 3. Outcomes: - The test revealed that while banks have response and recovery frameworks, there are areas for improvement. - Results will be used to enhance banks’ awareness of their cyber resilience strengths and weaknesses. 4. Supervisory Priorities: - The ECB’s SSM supervisory priorities for 2024-2026 include detecting and addressing deficiencies in banks' operational resilience frameworks, particularly cyber risks. 5. Extensive Testing: - 28 banks were selected for more detailed evaluation, involving actual IT recovery tests and on-site supervision. 6. Future Actions: - The ECB will continue to work with banks to strengthen their cyber resilience frameworks. - Banks are encouraged to ensure they have robust business continuity, communication, and recovery plans for a wide range of cyber risk scenarios. - Banks should also meet recovery objectives, assess dependencies on third-party ICT service providers, and estimate losses from cyberattacks accurately. The exercise's findings will be integrated into the 2024 SREP, assessing banks’ risk profiles without impacting their Pillar 2 Guidance. Individual feedback has been provided to each bank, with follow-up actions planned. Stay informed on the latest updates in financial regulation by following Global Regulatory Insights! #CyberResilience #ECB #Banking #StressTest #GRI

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Why Join the International Association of Financial Crimes Investigators? Joining the International Association of Financial Crimes Investigators (IAFCI) offers professionals a secure platform to exchange critical information and advance the fight against financial crime. Here are some key benefits of IAFCI membership: 1. Exclusive Access: Stay informed with intelligence reports, fraud trends, emerging technologies, and industry insights. 2. Strategic Partnerships: Collaborate with other organizations for enhanced intelligence-sharing and specialized training. 3. Global Networking: Connect with peers and experts in the financial crimes sector worldwide. 4. Free Training Webinars: Participate in webinars covering current crime trends and earn CPE credits. 5. Career Opportunities: Explore various employment prospects within the industry. Discover more about IAFCI membership and join us today >> https://bit.ly/4e8f8Vn...

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As we count down to the month’s main cybersecurity event, the Bucharest Cybersecurity Conference 2024, a recent case stands out as a sobering example of how cybercrime is evolving. The owner of Ray-Ban is currently facing accusations of accessing three government-owned databases, allegedly linking sensitive data to pressure both business leaders and political figures. The prosecutor’s remarks reveal the scale of the issue, describing this case as a wake-up call to a “gigantic market for confidential information” that now operates with disturbing professionalism. #Privacy is increasingly a luxury, and cases like these are stark reminders of just how vulnerable our digital systems are – and the real impact this fragility can have on people’s lives. https://lnkd.in/dVkWijh4 #BCC2024 #privacy #dataprotection #decalex #cybersecurity #cybercrime #dataacces #rayban

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Navigating #DORA: Strategic Implications and Compliance Solutions for Swiss Financial Institutions and ICT Service Providers   Introduction to DORA   The Digital Operational Resilience Act (#DORA) is a landmark EU regulation designed to enhance cybersecurity and operational resilience across the financial sector. Although primarily targeting EU entities, the implications for #Swiss #financialinstitutions and #ICT service providers are profound, particularly those that engage with the EU market.   Implications for Swiss Companies   Swiss-based financial institutions are mandated to significantly enhance their digital operational frameworks. Key areas affected include:   ·        ICT Risk Management: Establishing robust mechanisms to identify, manage, and mitigate ICT risks. ·        Incident Reporting: Developing structured approaches for prompt detection, reporting, and response to ICT-related incidents. ·        Resilience Testing: Mandating regular testing of ICT systems to ensure continuous operational resilience. ·        Third-Party Risk Management: Requiring enhanced oversight and control over third-party providers, including cloud services and critical ICT suppliers. ·        Information Sharing: Promoting the exchange of information about ICT-related threats and vulnerabilities to bolster collective resilience.   #PeakSuisse: Your Partner in DORA Compliance   At Peak Suisse, we excel in elevating operational excellence through strategic compliance and risk management. Here’s how we can assist Swiss financial institutions and ICT service providers in navigating and implementing DORA: To read further, visit us at https://lnkd.in/dq-kM6He and follow our insights on LinkedIn for ongoing updates and expert advice. 👉 Stay informed and ahead in the evolving world of finance with Peak Suisse's expert insights. 📧 Subscribe for free to receive more insightful updates and expert analyses directly in your inbox. Join the #PeakSuisse community today! #RegulatoryCompliance #Compliance #ICT #PeakSuisse #RiskManagement

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📣 EACB Comments on EBA Draft Technical Standards The EACB welcomes the chance to comment on the European Banking Authority (EBA) standards for calculating the Business Indicator under the Operational Risk framework. We commend the EBA for their clear outline of the BI components and see opportunities to further align several elements with the level 1 text. Additionally, providing the mapping to supervisory reporting in template 0R1 would be beneficial, and we look forward to insights on this. Our recommendations for further improvement include: ➡ Clarifying the asset and dividend components; ➡ Fine-tuning application within institutional protection schemes; ➡ Refining financial component calculations regarding accounting standards, prudential boundary, the group approaches, and the notification process; ➡ Ensuring accurate mapping to FINREP. Read more about how we can enhance the proposed standards for the benefit of all institutions https://lnkd.in/etx4iwQy #EACB #EBA #OperationalRisk #BusinessIndicator #FinancialRegulation #BankingStandards #RiskManagement

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