Blog
Here we bring you a fresh view of enterprise, with insights and analysis from the TORI team.
After approximately three years of consultations and one year of carrying out the initial assessment, Operational Resilience remains a “hot topic” for regulated financial entities. While it may seem as if we have passed the first hurdle, the process of building resilience is far from over. In fact, it has only just begun.
The consequences of the existing geopolitical conflict between Ukraine and Russia will impact the financial system and the geopolitical stability of countries beyond European borders. The complexity of this conflict will make it imperative that organisations, and especially those in the financial sector, closely monitor the evolution of their risk exposure in order to contain the ripple effect of the economic and political sanctions imposed on Russia and their potential allies.
Heraclitus once wrote, ''The only constant in life is change." No truer statement has been made, and this is equally applicable to strategic enterprise-wide transformations, which are no longer an option but a business imperative to remain competitive. How will your organisation take advantage of strategic transformation while foreseeing and navigating risks?
With the general price level of goods and services soaring, policymakers are attempting to delve into the root causes of this economic phenomenon, evaluate its effects on the ‘average Joe’, and devise the appropriate policy packages to address the subsequent consequences.
From barter to currency. From currency to plastic cards, checks and other financial products. From bank books to digital accounts and wallets. From digital accounts to cryptocurrencies. Throughout human history, society has seen the intangible concept of money manifest into various mediums. It is therefore only reasonable that one asks – what does the future hold for financial services?
The pandemic has accelerated digital transformation across all industries (even faster than the CIO agenda), forcing organisations to quickly move key processes to digital environments to retain some level of activity during the disruption. However, this massive and aggressive adoption was executed considering primarily business continuity, with only minimal assessment done in terms of risk exposure and dependencies.
The global macroeconomy is in a state of shock: supply chains are broken, global unemployment is on the rise and concerns about inflationary pressures are building up. Although governments are now trying to enhance the recovery momentum, the uncertainty and pessimism regarding the future trajectory of the economy are a major challenge for policymakers in designing the appropriate economic packages (both in scope and intensity) to bring markets back to an equilibrium.
The Financial Stability Report, published by The Bank of England in July 2021, presented the Financial Policy Committee (FPC) view that additional policy measures are required to mitigate financial stability risks for Financial Service companies using Cloud service providers.
On 14 July 2021, 16 Trade Associations wrote to the European Commission and ESMA requesting that the Mandatory Buy-In (MBI) component of the CSDR Settlement Discipline Regime should not be implemented on 1 February 2022. This request only related to MBIs and not to the other components, including cash penalties.
Following the seismic and unprecedented changes that the Covid-19 pandemic has brought to our everyday lives, the emergence of new ways of working can arguably be seen as an inevitable adjustment to an unexpected, yet profound shift in the status quo.
The COVID-19 pandemic has brought seismic changes to organisational ways of working, with many abruptly shifting to working remotely, or differing working practices, last March.
A year on and the UK is currently navigating through a third national lockdown, with restrictions set to begin easing over the coming weeks and months. Alongside restrictions easing, the roll-out of the vaccine has brought some hope and positivity to resuming some sort of ‘normality’.
Too smart to fall for cybercrimes? Maybe you need to reconsider.