Protecht’s Post

 "Digital operational resilience is a fundamental underpinning of a resilient and well-functioning financial system." Gerry Cross, Director of Financial Regulation - Policy and Risk at the Central Bank of Ireland Is your organisation ready for #DORA? Do you have a #DORAChampion on your team? If not, this is your opportunity to become one! 📢 Don't miss your last chance to register Join us for our information evening next Wednesday, July 24th at 6 PM, to learn about our upcoming course, "Navigating Complexity: Implementing DORA for Compliance Professionals," starting August 2024 in collaboration with the Compliance Institute. This is your chance to find out more, ask questions and meet course leaders, such as Dermot Kennedy MBA, BFRCP, Michelle McGuire and Graham Day Don't miss out on this opportunity to get #DORACertified! 📅 Date: Wednesday, July 24th 🕕 Time: 6:00 PM 🔗 https://lnkd.in/esV4wpFc #Compliance #DigitalResilience #DORAReady #DORACertified #ComplianceInstitute #business #complexity #fintech #DORA

Explore key takeaways from the IIB Annual Conference as Acting Comptroller addresses operational resiliency challenges. Gain valuable insights into strategies discussed to enhance organizational preparedness and response capabilities. Discover the significance of operational resiliency in navigating uncertainties and safeguarding financial institutions. #OperationalResiliency #IIBAnnualConference #GRCReport #FinancialInstitutions #RiskManagement #BusinessContinuity https://lnkd.in/gqmqY7is

Enhanced Early Warning Systems (EWS) are crucial for Non-Banking Financial Companies (NBFCs) and Financial Institutions (FIs). They use predictive analytics to accurately identify risks, allowing for proactive management and early risk mitigation. These systems enhance financial stability by boosting investor confidence through timely warnings. They also ensure regulatory compliance and transparency, while supporting strategic decision-making and efficient resource allocation. #infomerics #infomericsAnalytics

An excellent discussion paper from the Bank of England setting out the macroprudential impacts to the wider ecosystem from disruption across firms and suppliers. Supported with examples inclusive of Crowd strike and adding more granular perspectives on dependencies across Firms /FMIs and there Third Party’s, highlighting the scale, depth and breadth a firms operational resilience framework should consider in assessing risk but also protecting not just the firm, but the wider economy, infrastructure and industry stakeholders and consumers. Must read for all.

🔎 Did you know there has been a marked increase in the attention that bank examiners pay to how financial institutions identify and manage their higher-risk customers in recent years? Navigating this landscape effectively requires banks and credit unions to employ a combination of strategic planning, advanced technology, and comprehensive training. Discover RiskScout's best tips and tricks from our own Brian Nowak, CBP. >> https://vist.ly/39e2s

We see some common reactions in financial services with regards to the implementation of operational resilience regulations. Unfortunately, all these reactions have negative consequences. There is a better approach.   What if you, as a bank, could have an interoperable solution with a holistic view on the operating model (IT, processes, people, data, risk, third parties) to ensure your organization can prevent, adapt and respond to, and recover and learn from operational disruption?   #bankingindustry #operationalresilience #businessprocessmanagement

Excellent thoughts on business resilience in financial institutions by Victoria Adams .- 'If the foundations of operational resilience are in place, banks can explore digitisation with confidence to drive efficiencies, maximise growth potential in an ever-changing integrated market, and make a real impact on customers' #operationalresilience #bankingindustry #thirdpartyriskmanagement #riskmanagement #globalbanking #rethinkthesystem

Combatting fraud, how banks can thrive in current market conditions and more were explored on day one of our Bank Investment & Economic Outlook Conference. Frank Kelly of Fulcrum Macro provided insights on the U.S. economic, financial, and political landscape for 2025-2026. Matthew Miller of FinPro, Inc. discussed asset-liability management and how banks can navigate evolving regulatory challenges. John Meyer of Cornerstone Advisors delved into financial fraud and risk management, offering practical risk management solutions. Gary Svec of Performance Trust Capital Partners addressed the ongoing uncertainty and volatility in the financial sector, highlighting opportunities for enhancing shareholder value. Finally, Robb Rempel of Haberfeld shared actionable strategies for banks to thrive in a contentious environment.

Operational Resilience: BoE is warning payment firms to get their houses in order before the March 2025 deadline. Those subject to the EU's DORA have only until January. Some steps can be accelerated. Others can't. Contract remediation will always take time. We have partnered with FTI Consulting to provide a quick operational resilience scorecard to help you understand your organisation's readiness: https://lnkd.in/g3FX2VwY

As financial landscapes evolve, so does regulatory scrutiny. 2024 is set to mark a year of intensified oversight, with financial institutions under the microscope. How will your firm stand up to the test? The upcoming year will see regulatory bodies increasing the frequency and depth of their reviews and examinations. Issues like liquidity, capital management, and risk governance are taking center stage, pushing firms to adopt more robust frameworks. Recent bank failures have sparked a global reassessment of financial health standards. For instance, regulators are now expecting more rapid responses and remediation to identified issues, emphasizing the need for financial institutions to maintain high levels of operational resilience. With the regulatory bar set higher than ever, how is your organization strengthening its compliance and risk management practices to meet these new challenges? #FinancialRegulation2024 #FinancialServices #BankingRegulation