To keep the track with developments in business i.e., business optimization and transformation, initiated and endorsed by ICT (information Communication Technology) evolution, the legislation and finance authorities are continually issuing new or updating regulations and directives. The plethora of such compliance requirements, specific either for business-type e.g., banking, insurance, investment firms or geographical i.e., region, country, causes a headache to management particularly for large and international one.

The solve disparities between the locally issued regulations, guidelines and circulars, the EU has published in September 2020 a global legislative proposal called DORA (Digital Operation Resilience Act) , as a single regulation, establishing a foundation for EU regulators and supervisors to ensure organizations’ financial and operational resilience. The proposal, provisionally approved by EU Parliament on the 10th May 2022, is expected to come into force in Q1 2023, while rules apply 24 months after.

The objective of this single regulation for European financial market is the shift from guaranteeing financial resilience to ensure maintainability of resilient operations through an incident of severe operational disruption.

The need for such unique legislative action follows not only from the increasing reliance of the financial market on ICT, but also growing complexity of financial services, incl. digital finance strategy, a proposal on markets in crypto-assets and on distributed ledger technology (DLT).

KEY ASPECTS

• Establishment of uniform requirements for security of network and information systems of organizations operating in financial sector. Requirements includes existence of ICT risk management framework, reporting related incidents, and operational resilience testing.
• The scope of financial entities as a subject to the new rules is very wide and includes critical ICT- service providers, e.g., cloud platforms or data analytics. Non-complying providers can expect significant fines.
• Though statutory auditors and audit firms were within scope of proposal, the European Council confirmed auditors will not be subject.
• Critical third-country ICT service providers must establish a subsidiary within the EU to enable regulatory oversight.

Speakers

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Event Properties

Event Date	07. Feb 2023 16:40
Event End Date	07. Feb 2023 17:40
Capacity	Unlimited
Individual Price	Free
Sprache / Language	Deutsch
CPE Hours	1
Location	Hybrid Event - Detecon (Schweiz), Zurich AG