ISITC TALKTIME: Why it’s important to Utilize Dora
TalkTime Podcast: Why it’s important to Utilize DORA
In this Podcast ISITC Europe Director of Training Alan Burr discusses with Robin Inchbold, Senior Consultant at Protiviti, the Digital Operations Resilience Act (DORA) They talk about why it’s important to utilize DORA. What DORA is intended to achieve. Who it impacts and why all types of firm should be taking DORA seriously, as a primary compliance issue.
DORA brings together previous regulations from the European Banking Association (EBA) into a more concise framework providing firms with clear objectives to improve operational resilience. It also recognises the modern cyber threats in an industry increasingly digital, in terms of services and products. Putting security as a key driver for all firms in financial markets/services.
Robin notes the threats to various systems in the financial markets eco system and the need for firms to present a robust, supporting, operational infrastructure that ensures continuance of business no matter what the threat. DORA can therefore be seen as a clear framework for all firms to model their own particular needs.
Robin articulates the need for all firms to comply with DORA. As although it is a European regulation, business in the financial world is global. International dependencies by firms’ businesses or for example outsourcing key operations to different geographical locations can be assessed for resilience by using DORA as a compliance objective.
The discussion covers many different aspects of DORA that firms can introduce into their overall transaction supporting infrastructure. Including how they should collaborate with key third party suppliers and counterparties. UK firms that are not regulated under DORA but have businesses within the EU should use the regulation, as a way of improving inter-firm services with key third party suppliers. It is an opportunity to reset service level agreements and build underlying resilience to underpin the whole financial markets supporting system, including market infrastructure suppliers.
As accelerated settlements move to T+1 in the UK and Europe more pressure will be put on the underpinning systems/technologies of all firms, from; market infrastructure, sell-side trading, wealth managers and investing institutions, retail investing platforms and to all supplier systems, which support the business and service operations.
This Podcast might be your introduction to DORA and if so, it is an important first step. Alan Burr and Robin provide you with some important information and knowledge that in time could prove vital.
Viewing time: 24 mins
Alan Burr is Director and Founder of Burr & Company Limited, a training and consulting firm. Alan previously worked for ICCH (now LCH Ltd.), during which time he was Chief Executive in Hong Kong and Executive Director in London. He then joined MEFF, the Spanish Financial Futures Exchange, as International Director. Today he is an independent advisor offering a broad range of professional services.
Alan has substantial executive experience with clearing houses, exchanges and in IT management. He works extensively with international clients and in the UK.
He is a well-established trainer and has helped prepare students for the CISI Level 6 Diploma in Global Operations Management for over twenty years. He presents training courses internationally covering most features of financial services including risk management and corporate governance. Alan regularly provides education on many aspects of investment operations for examination and general educational purposes. Alan works with several training companies, including BPP, Capital Markets & Derivatives Training, CISI, Eureka Financial and Fitch Learning.
For CISI, he is the current Chair of the Operations Forum committee and a past Chairman of the Risk Forum committee and is also a member of the Bond and Fixed Income Forum committee. Alan has recently been appointed a Director of ISITC Europe CIC.
Robin Inchbald is a Senior Manager in the London practice of Protiviti, a global consulting firm with solutions spanning critical business problems in technology, business process, analytics, risk, compliance, transactions and internal audit.
Robin specialises in IT Risk and Resilience and for the past two and a half years he has been advising Financial Services clients on their Digital Operational Resilience Act (DORA) Programmes.
Robin graduated with a First-Class BSc (Hons) in Economics from Lancaster University and began his career focusing on IT controls, privacy, and third-party risk. Since joining Protiviti in July 2020, he has advised clients on IT risk and resilience initiatives as well as data governance and strategy, delivering and enhancing compliance with ISO and NIST standards and EBA and UK Operational Resilience regulations.
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