Broadridge Whitepaper Discusses Operational Resilience Issues
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Broadridge Insights on Operational Resilience in Financial Services
Broadridge Financial Solutions, Inc. (NYSE: BR), a leading figure in the global financial technology sector, has released a new whitepaper emphasizing the urgent need for financial services firms to bolster their operational resilience. This necessity arises in response to the European Union's Digital Operational Resilience Act (DORA) and other global regulatory pressures. The whitepaper, titled 'Building Resilience Across Borders: A holistic approach to global operational resilience and navigating the regulatory maze', sheds light on the extensive regulatory demands and strategic approaches required for compliance.
The Importance of Operational Resilience
According to Mike Sleightholme, President of Broadridge International, prioritizing operational resilience has never been more critical for financial firms globally. This urgency stems from an increasing need to enhance trust and security amidst the escalating threats posed by cyberattacks and operational disruptions. The comprehensive requirements stipulated by DORA mandate a transformational shift in the risk management frameworks, policies, and governance structures surrounding both in-house and external systems.
Industry Readiness and Compliance Horizon
Virginie O'Shea, the Founder of Firebrand Research, highlighted the industry's current status of readiness. She noted that, despite the regulatory emphasis on operational resilience, many firms still face significant challenges. There is an urgent call for firms to activate their DORA compliance plans, which includes a thorough assessment of essential systems and services, ensuring they meet DORA's reporting and recovery targets.
Key Findings from the Whitepaper
The whitepaper delves into several crucial findings that underline the necessity of compliance and proactive measures in operational resilience:
- Regulatory Priorities Worldwide: The urgency for operational resilience regulations extends beyond the EU. Regions such as the US, Canada, the UK, South Africa, Japan, Hong Kong, Singapore, and Australia are tightening their operational resilience frameworks.
- DORA's Global Impact: The mandates under DORA require significant modifications to operational risk management practices across nearly all financial services sectors. This affects all firms operating within the EU, irrespective of their headquarters' location or third-party supplier relationships.
- Immediate Action Required: With enforcement commencing soon, particularly in January 2025, firms should expedite their DORA compliance preparations. This involves comprehensive system reviews and data reporting readiness.
- Regulatory Enforcement Risks: Noncompliance can lead to stringent enforcement actions, making it imperative for organizations to prioritize cybersecurity and risk mitigation strategies now.
- Third-Party Review Importance: Growing regulatory focus on third-party service providers and internal IT systems indicates a need for meticulous operational reviews and compliance checks.
About Broadridge Financial Solutions
Broadridge Financial Solutions (NYSE: BR) stands as a global technology pioneer known for its proven solutions and technological advancements that empower clients and the financial services industry. The organization plays a pivotal role in enhancing operational resilience, professional governance, and communication for its clients, thus optimizing business performance and refining investor experiences.
Their technology foundations support the daily transactions of over $10 trillion in equities, fixed income, and other securities across the globe. Broadridge is recognized as a certified Great Place to Work® and is a part of the S&P 500® Index, with a workforce exceeding 14,000 associates in 21 countries. For further details about Broadridge, visit their official website.
Broadridge Contacts
Investor Relations
Edings Thibault
Head of Investor Relations, Broadridge
Email: [email protected]
Media Contacts
Gregg Rosenberg
Global Head of Corporate Communications
Email: [email protected]
Frequently Asked Questions
What is the main focus of Broadridge's new whitepaper?
The whitepaper emphasizes the need for financial firms to enhance operational resilience in light of DORA and global regulatory changes.
What does DORA stand for?
DORA stands for Digital Operational Resilience Act, a regulation aimed at enhancing the operational resilience of financial services across Europe.
Why is operational resilience becoming a higher priority for firms?
Increasing threats of cyberattacks and operational disruptions have made it essential for financial firms to ensure they can maintain operations and protect client trust.
What are the implications of failing to comply with DORA?
Noncompliance may lead to significant enforcement actions and regulatory penalties, as well as increased operational risks.
How can firms prepare for DORA compliance?
Firms should conduct assessments of their critical systems and services, mobilizing resources to meet recovery and reporting objectives consistent with DORA requirements.
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