Steven Dondorp’s Post

From January 17 2025, the EU’s Digital Operational Resilience Act (DORA) will come into force. But what does this mean for financial organisations and how should they prepare for compliance? It's all about #cyberresilience — #Commvault's Darren Thomson spoke to Finance Derivative about the five key foundations that financial institutions should be working to establish ahead of next year. Read all about it here: https://ow.ly/sWAm50RkXmR

What is the role of trust in the ever-evolving landscape of financial regulation? According to Custodia , the lingering impact of the pandemic, alongside rising inflation and interest rates, and slowing economies, has intensified the pressure on financial services firms to uphold operational uptime. Read more here: https://lnkd.in/epkciGFK #RegTech #Regulation #Trust Phil Deeks

Operational resilience has been a hot topic for regulators over the last five years. While focus has been of course on getting financial institutions to effectively manage their third-parties, regulators have recognized that concentration in usage by the sector with some providers represents systemic risk which would be hard for individual firms to mitigate. This has led to a broadening of regulatory powers, with key technology providers to become directly regulated in the UK from the New Year. Discussion of finalization of new requirements from the Bank of England, implications for regulation elsewhere (such as DORA in the EU) and for the these new Critical Third Parties (CTPs) in free Celent blog.

Another Step Towards Protecting Finance Industry from IT Risks: DORA Act The Digital Operational Resilience Act (DORA) is a EU regulation that entered into force on 16 January 2023 and will apply as of 17 January 2025. It aims at strengthening the IT security of financial entities such as banks, insurance companies and investment firms and making sure that the financial sector in Europe is able to stay resilient in the event of a severe operational disruption. DORA brings harmonization of the rules relating to operational resilience for the financial sector applying to 20 different types of financial entities and ICT third-party service providers. https://lnkd.in/g7rq7pXz

What is the role of trust in the ever-evolving landscape of financial regulation? According to Custodia , the lingering impact of the pandemic, alongside rising inflation and interest rates, and slowing economies, has intensified the pressure on financial services firms to uphold operational uptime. Read more here: https://lnkd.in/ejfz5jYw #RegTech #Regulation #Trust Phil Deeks

Discover what DORA ([EU regulation 2022/2554](https://lnkd.in/eQh3REVH)) is and who it is applicable to through this blog.

December 16th 2024Weiyee In, Chief Information Officer, Protego Trust Bank Executive Summary This white paper examines some of the key differences between the European Union's Digital Operational Resilience Act (DORA) and the operational resilience frameworks in the United States, particularly those from the Federal Financial Institutions Examination Council (FFIEC) and other regulatory bodies. #OperationalResilienceFrameworks

Enhancing Resilience in the UK Financial Sector: Critical Third Parties Today, the Bank of England, PRA and FCA released a joint foreword highlighting the critical role of third-party service providers in the UK financial sector. With an increasing reliance on third party IT infrastructure to deliver effective financial services and the significant bargaining power of many critical third parties then many will probably feel a sense of “about time”. Key points include: • Regulatory Oversight: Strengthened guidelines and oversight to ensure third-party service providers meet stringent standards. • Risk Management: Enhanced risk management practices to mitigate potential disruptions and maintain operational continuity. • Collaboration: Encouragement of collaborative efforts between financial institutions, regulators, and third-party providers to foster a more resilient financial ecosystem. • Innovation and Security: Balancing the adoption of innovative technologies with robust security measures to protect financial services. This initiative underscores the commitment to safeguarding the stability and integrity of the UK financial sector, ensuring that critical third-party services are reliable, secure, and compliant with regulatory requirements. I’m sure a list of Critical Third Parties (CTP) would have the same 5 in if we all did a list of 10, but the formal choice is left with the Government. To those CTPs who are going to be regulated, welcome to the party! #FinancialStability #RegulatoryCompliance #ThirdPartyRisk #UKFinancialSector #Resilience

Financial sector calls on EU policymakers to reassess the Financial Data Access (#FiDA) Regulation to ensure innovation, security, and competitiveness. Today, Europe’s insurance, banking, and asset management industries issued a joint statement urging co-legislators to uphold their commitments to boost European competitiveness. The signatories stress that the Financial Data Access (FiDA) Regulation should not be finalized before a thorough assessment of its impact across the entire value chain is completed. The statement warns that rushing into implementation without addressing key concerns could undermine both European competitiveness and data protection. The joint statement highlights the need for: 👉 Evidence-backed policymaking to prioritize customer benefits and market demand. 👉 Stronger safeguards for data privacy and security, ensuring new data-sharing entities (FISPs) are held to the same regulatory standards as financial institutions. 👉 Legal clarity to build a workable framework that drives Open Finance in Europe. While supporting the ambition to foster data-driven innovation, the signatories emphasize that any framework must carefully consider its broader impact on consumers, businesses, and the financial ecosystem. The statement was co-signed by the AFME (Association for Financial Markets in Europe), the European Association of Co-operative Banks, the European Banking Federation, EFAMA, WSBI-ESBG and Insurance Europe 📩 Ali-Ashraf Rajabli

December 16th 2024Weiyee In, Chief Information Officer, Protego Trust Bank Executive Summary This white paper examines some of the key differences between the European Union's Digital Operational Resilience Act (DORA) and the operational resilience frameworks in the United States, particularly those from the Federal Financial Institutions Examination Council (FFIEC) and other regulatory bodies. #OperationalResilienceFrameworks