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. (NYSE: BR), 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.
About Broadridge
Broadridge Financial Solutions (NYSE: BR), 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.
Broadridge
Contacts:
Investors:
Edings
Thibault
Head of Investor Relations, Broadridge
broadridgeir@broadridge.com
Media:
Gregg
Rosenberg
Global Head of Corporate Communications
Gregg.Rosenberg@broadridge.com
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SOURCE Broadridge Financial Solutions, Inc.
