Should Regulators interfere with Infrastructure?
The ISITC Europe Big Debate
A New Year: A Brand New Series of Interactive Debates
Be the first to participate in this new series of face to face, interactive, lively and informative debates, kindly hosted by Metro Bank. We invite you to join the panel, who will debate the pros and cons of: Should Regulators interfere in infrastructure through prescriptive rules and regulations? The motion before them being: “The Regulator should not interfere with infrastructure.”
(Attendance will be on a first come first served basis) Please note: A £25 donation is requested for attendance by non-members, which will go towards the ISITC Europe Student Scholarship Fund. A donation button can also be found via this link)
Date: Thursday, 24 February 2022 Time:18:00 – 19:30 GMT (Reception to follow). (Please note to remain covid compliant places are limited, so attendance will be on a first come first served basis.)
Location: Metro Bank Conference Suite – One Southampton Row, London, WC1B 5HA.
Debate Motion: The Regulator should not interfere with infrastructure
The trend for financial institutions to move to cloud based services to improve their delivery models and migrate from legacy applications has brought about the potential for significant concentration risk, due to the limited number of third party providers (TSP’s) who dominate the cloud services market. It is argued that the potential impact of a systemic widespread disaster would be greater, because these few TSP’s would be operationally stretched to support early recovery services to a large number of financial institutions all at once. The narrow choice and lack of interoperability between providers, could slow down recovery times and greatly reduce the resiliency of those institutions and the capability of the markets.
The Financial Conduct Authority (FCA) through the introduction of the Digital Operational Resilience Act (DORA) together with the Prudential Regulatory Authority’s (PRA) publication of Consultation Papers 6/21 are proposing measures to improve resilience of the financial sector’s infrastructure in the UK, providing firms and their suppliers with challenges to comply.
Should Regulators interfere with infrastructure through prescriptive rules and regulations?
The fear and risk is to try and regulate the technology, the suppliers, as well as their customers, rather than the activity. This is bound to lead to unintended consequences, which will further increase the burden for the industry and TSPs, with rules that could be difficult to interpret and even harder to apply. Let alone the increased costs to all!
Could such involvement by Regulators draw them into rating technology and become part of a commercial pitch by vendors?
What legal factors would come into play with greater intrusion of the Regulators in technology and contracts?
Should financial institutions be solely responsible for decisions around the operational delivery of their services, without interference from the regulator?
Steve Yates, Director, Acertia & Chair of the Resilience Association
Steve is the elected Chair of the Resilience Association, a body which connects people, content, and ideas from across the resilience spectrum with the common aim of championing and improving organizational and operational resilience. He previously held positions in both the Financial/Fintech sectors with companies such as Legal & General Investment Management and Pollinat, previously he served in the Military. Steve is also the founding Director and Principal Operational Resilience Consultant for Acertia.
James Crask, Managing Director & Resilience Advisory Lead, Marsh
James leads the Business Resilience advisory services at Marsh. He has extensive experience of delivering Business Continuity Management, Crisis Management, Supply Chain and Operational Resilience projects. Previously working for PwC and held Head Risk Management roles. James chairs the ISO panel responsible for the development of all global Business Continuity and Organizational Resilience Standards. In 2021, James published a book Business Continuity Management, a practical guide to organizational resilience and ISO 22301.
Monica Sasso, EMEA FSI chief technologist, Red Hat
As a chief technologist for financial services in EMEA at Red Hat, Monica provides strategic support to customers who look to open source and adopt open hybrid cloud technologies to drive business transformation initiatives. Previously, Monica worked for prestigious global organisations, Nationwide, Barclays, Coutts and Deutsche Bank. In her spare time Monica works with female entrepreneurs and helps encourage more girls to participate in sports. She is a Girl Guides leader and STEM-ette mentor.
Steve Marshall, former Change Management Specialist, Nomura
Over the past 11 years Steve has worked on large scale change programs at a major investment bank as the ‘go to’ person to deliver successful and innovative change. Steve also brings with him a wealth of experience in start-up and early stage company development having founded a tech company and nurtured it through the formative years. With extensive experience in both Financial Markets and Business Development, Steve is able to see both sides of the Fintech Market and works closely with TRG The Realization Group clients to help them meet their growth objectives.
Alasdair Hodge, ISITC Europe Chair Resilience & Cloud Forum and Principle Engineer, Cloudsoft Corporation (Chairman)
Alasdair is a solutions architect with 25 years’ experience. An authority in cloud, software applications and automation across all major cloud platforms, he has been engaged in the design and optimisation of cloud services in banking and finance and other service-based sectors such as telecoms, electronic design and supply-chain automation for over 12 years.