EU DORA: Impact on financial services across the EU and UK
What does the Digital Operational Resilience Act (DORA) mean for financial institutions and what is the UK’s approach to digital operational resilience?
What does the Digital Operational Resilience Act (DORA) mean for financial institutions and what is the UK’s approach to digital operational resilience?
This webinar focused on the Digital Operational Resilience Act’s (DORA) key proposals as well as on the implications these might have for financial services businesses and their service providers. Our speakers presented the European view on the Act and compare it to the UK’s current and future position on operational resilience.
By watching this session, you will:
- Gain overview of the current application of DORA across the European Union (and in particular Germany) and how it affects financial services businesses and their service providers;
- Understand how this might change after the implementation of the EU digital package as currently proposed; and
- Hear what operational resilience regulations the UK has in place, what the legislative expectations are and how these contrast with DORA.
Background
With the advent of technologies, and accelerated by COVID19, banks, brokers, asset managers and FMI have increasingly digitalised their offering to customers, as well as their interaction with regulators, FMIs and counterparties. In doing so, they rely on service providers. Many of the service providers, especially those with tools to manage and manipulate large data sets have become extremely powerful; to such an extent that their demise might, as financial regulators fear, cause systemic issues in the financial sector. The EU’s digital package is an attempt to address these concerns. In this talk, a cross border Simmons team will focus on the proposals for operational resilience, outsourcing and technology firms and their implications for the business.
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