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Article
DORA the enforcer - What Do the New Regulations Mean for the UK?
Although the UK has exited the EU, DORA's stringent requirements on risk management, incident reporting, and ICT third-party oversight have profound implications for UK financial institutions due to their interconnected global operations.
Aug 23, 2024
Gerard Doyle, EMEA Head of Third Party Management and Procurement, SMBC Group
Tags:
Regulation and Compliance
Operational and Non Financial Risk
The views and opinions expressed in this content are those of the thought leader as an individual and are not attributed to CeFPro or any other organization
- DORA represents a major shift in regulatory expectations, demanding a more holistic approach to risk management beyond simple compliance, and urging financial institutions to integrate risk management deeply into their operations.
- Despite Brexit, UK financial institutions must comply with DORA due to their European operations and client base, making adherence crucial for maintaining market access and ensuring operational continuity.
- DORA's requirements for incident reporting and ICT third-party risk management are set to enhance transparency, accountability, and resilience in UK financial institutions, improving their response to cyber threats and technological disruptions.
- While DORA introduces significant compliance challenges, it also offers opportunities for UK firms to innovate and strengthen their risk management practices, potentially positioning them as leaders in operational resilience within the global financial sector.
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