EU regulatory deadline requires a prompt industry response; globally, operational resiliency shortfalls can be addressed and scaled via mutualized services
NEW YORK and LONDON, Sept. 4, 2024 /PRNewswire/ -- Broadridge Financial Solutions, Inc. [https://c212.net/c/link/?t=0&l=en&o=4245222-1&h=439940339&u=http%3A%2F%2Fwww.broadridge.com%2F&a=Broadridge+Financial+Solutions%2C+Inc.] , a global Fintech leader, released a new whitepaper focused on the imperative need for financial services firms to enhance their operational resilience in reaction to the European Union's Digital Operational Resilience Act (DORA) and other global regulations. This comprehensive whitepaper, titled 'Building Resilience Across Borders: A holistic approach to global operational resilience and navigating the regulatory maze,' highlights the extensive regulatory expectations and the strategic preparations necessary for compliance.
"Now more than ever, operational resiliency is a critical priority for financial firms around the world, driven by a fundamental need to strengthen trust and security in response to the growing risk of cyberattacks and disruptions," said Mike Sleightholme, President of Broadridge International. "The broad and in-depth scope of DORA mandates a significant transformation in risk management frameworks, policies and governance structures relating to both inhouse and third-party systems, posing urgent challenges that the industry needs to address ahead of the January 17, 2025 deadline."
"Regulators are emphasizing and prioritizing operational resilience, yet there is a growing sense that many firms remain far from ready, exposing themselves not only to operational resiliency risk but also to regulatory compliance risk," said Virginie O'Shea, Founder of Firebrand Research, who worked with Broadridge to develop the whitepaper. "Firms must act now to mobilize their DORA action plans, including a detailed assessment of their critical systems and services, and an impact analysis to ensure they can deliver a compliant operating model and meet recovery and reporting objectives aligned to DORA's requirements."
Key findings from the whitepaper include:
-- Worldwide regulatory priority: Besides the EU, regions such as the US,
Canada, the UK, South Africa, Japan, Hong Kong, Singapore and Australia
are also tightening their operational resilience regulations.
-- Global scope and impact of DORA mandates significant changes to
operational risk management and resilience across nearly all areas of
financial services, impacting firms operating in the EU irrespective of
where their headquarters and third-party suppliers are located.
-- Clock is ticking, firms must begin their DORA compliance preparations
now, as the January 2025 enforcement date necessitates extensive system
reviews and data reporting readiness. Firms must focus resources on
mobilising their action plan, potentially leveraging mutualized shared
services.
-- Watch out for regulatory enforcement, noncompliance with operational
resilience mandates is likely to result in stringent enforcement
actions. Firms need to start prioritizing cybersecurity and risk
reduction today.
-- Increased regulatory focus on third-party service providers and internal
IT systems highlights the need for thorough operational reviews and
compliance assurance.
To download the full whitepaper, click here [https://c212.net/c/link/?t=0&l=en&o=4245222-1&h=3432896975&u=https%3A%2F%2Fwww.broadridge.com%2Fresource%2Fenterprise%2Fbuilding-resilience-across-borders&a=here].
About Broadridge
Broadridge Financial Solutions , is a global technology leader with the trusted expertise and transformative technology to help clients and the financial services industry operate, innovate, and grow. We power investing, governance, and communications for our clients - driving operational resiliency, elevating business performance, and transforming investor experiences.
Our technology and operations platforms underpin the daily trading of more than $10 trillion of equities, fixed income and other securities globally. A certified Great Place to Work®, Broadridge is part of the S&P 500® Index, employing over 14,000 associates in 21 countries. For more information about us, please visit www.broadridge.com [https://c212.net/c/link/?t=0&l=en&o=4245222-1&h=2296984099&u=http%3A%2F%2Fwww.broadridge.com%2F&a=www.broadridge.com].
Broadridge Contacts:
Investors:
Edings Thibault
Head of Investor Relations, Broadridge
broadridgeir@broadridge.com [mailto:broadridgeir@broadridge.com]
Media:
Gregg Rosenberg
Global Head of Corporate Communications
Gregg.Rosenberg@broadridge.com [mailto:Gregg.Rosenberg@broadridge.com]
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