Season 6, Episode 7: EU Digital Operational Resilience Act

The EU Digital Operational Resilience Act (DORA) aims to ensure that all participants in the financial system have the necessary safeguards in place to mitigate cyber-attacks and other risks. The legislation will require firms to ensure that they can withstand all types of ICT-related disruptions and threats. It complements existing laws such as the Network and Information Security Directive (NISD) and the General Data Protection Regulation (GDPR). In this episode, Alexander Robson, managing editor, Regulatory Intelligence, is joined by Trond Vagen, senior editor in Oslo, and Mike Cowan, senior regulatory intelligence expert in London, to discuss DORA, the impact of the legislation on financial services firms and ways for them to prepare. Programme notes DORA Regulation full text https://data.consilium.europa.eu/doc/document/PE-41-2022-INIT/en/pdf EU Council press release 28/11/22 https://www.consilium.europa.eu/en/press/press-releases/2022/11/28/digital-finance-council-adopts-digital-operational-resilience-act/ For subscribers to Regulatory Intelligence (behind paywall) EU plan for digital operational resilience could lead to conflicting compliance requirements, says ECB http://go-ri.tr.com/pYUZdv Outages focus UK regulators on market infrastructure operational resilience http://go-ri.tr.com/4YUKUQ Operational risk regulation needed urgently due to geopolitical uncertainty, warn EU supervisors http://go-ri.tr.com/CVyQFA OUTLOOK 2022-Digital operational resilience work lines up European regulators, cloud providers for supervisory showdown http://go-ri.tr.com/TeOsCs The Compliance Clarified podcast series covers the wide range of topics which affect compliance officers in financial services firms. The series has been designed to help compliance officers make sense of the often-challenging world of financial services regulation, which is now overlaid with expectations not found in the black and white of any rulebook. The role and remit of the compliance officer is ever-growing, and senior compliance officers have had to become polymaths, mastering not only detailed subject matter expertise but also the qualitative mysteries of culture and conduct risk. Compliance Clarified covers the hot topics of the day and the challenges they bring, and aims to offer up practical ideas for emerging good practice.