EU Digital Operational Resilience in Financial Services - The Current Position
The European Commission has proposed a new regulation on digital operational resilience in financial services (commonly referred to as ‘DORA’) that will dramatically increase the legal requirements on in-scope firms relating to digital risk. Once implemented, it will have significant implications for the use of Information and Communications Technology (‘ICT’).
The impacts will also extend to firms' ICT service providers, who will be expected to enable their financial services customers to comply. Importantly, the proposal also sets out a new regime for direct regulatory oversight of certain ICT providers designated as ‘critical’ to the EU financial service sector, with significant implications for these ‘critical’ providers (including enforcement powers for non-compliance).
This new virtual classroom seminar is aimed at EU financial services firms subject to oversight under EU financial services legislation and their advisors.
It will also be suitable for ICT service providers (whether in the EU or not) that provide digital and data services to EU financial services firms.
What You Will Learn
This live and interactive session will cover the following:
- Background and scope of the EU proposals
- The new requirements on in-scope EU financial services firms, including in relating to:
- ICT risk management framework
- Systems, processes and controls
- Incident management, classification and reporting
- ICT testing and cyber security
- Third-party risk management: What DORA would require and how this compares to existing requirements on outsourcing
- The regime for direct oversight of ‘critical’ ICT third party service providers: Which service providers might be designated under DORA, what this would mean, and how the requirements would be enforced
- How DORA compares to the FCA's and PRA's requirements on operational resilience and outsourcing
- What firms and ICT service providers can do now to prepare
Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.