The company addresses compliance before the EU introduces new cybersecurity regulations by January 2025.
"The DORA compliance deadline is just three months away, and the clock is ticking," said Danny Green from Broadridge.
In a move
to combat the escalating threat of cyberattacks, Broadridge Financial Solutions
(NYSE: BR) has launched a suite of operationnal resilience services tailored for
international post-trade processing.
Announced
today (Tuesday), these solutions are designed to help financial firms navigate
the looming compliance deadline of the European Union's Digital Operational
Resilience Act (DORA), set to take effect in January 2025
The new
offerings are available to existing users of Broadridge’s International
Post-Trade processing solution and can also be integrated into other firms'
internal systems.
Danny
Green, Head of International Post-Trade Solutions at Broadridge, emphasized the
urgency of compliance, stating, "The DORA compliance deadline is just
three months away, and the clock is ticking." He warned that failure to
comply could lead to heightened risks of cyber incidents and potential
reputational damage.
“It is
vital that firms are advancing their plans for the timely completion of both
inhouse and third-party system reviews, and that they have a robust strategy to
meet their prescribed recovery time objectives (RTOs) for their operating model,”
Green added.
Broadridge's
operational resilience solutions include several key features:
Professional
Services: The
company offers specialized expertise to evaluate and enhance firms' risk
management frameworks. This includes identifying vulnerabilities and validating
risk controls.
High-Availability
Recovery:
Broadridge provides backup environments that meet regulatory requirements for
distance from primary sites, significantly reducing recovery times from hours
to minutes in case of cyber incidents.
Enhanced
Cyber-Recovery Capabilities: The solution incorporates secure, immutable storage systems that
create unalterable backups of critical data. In the event of a cyber-attack,
these copies can be quickly restored, facilitating efficient system recovery.
The
company’s solutions aim not only to mitigate risks but also to support firms in
maintaining business continuity amid evolving regulatory landscapes.
Broadridge Expands
Offerings to Enhance Financial Operations
Last week,
Americas Executions (AmerX) adopted Broadridge's Securities Finance and
Collateral Management (SFCM) platform to support its newly launched securities
lending business. This platform is designed to streamline operations by
providing comprehensive tools for collateral management, trade lifecycle
management, and risk assessment.
In
September, Broadridge made headlines by securing a Tier-1 Canadian bank as the
first adopter of its Distributed Ledger Repo (DLR) platform for managing
High-Quality Liquid Assets (HQLA). This milestone not only underscores the
growing acceptance of Distributed Ledger Technology (DLT) in financial
operations but also promises to simplify workflows and generate significant
cost savings for the bank. The DLR platform has already achieved an impressive
monthly volume of $1 trillion, marking a significant step in the evolution of
treasury securities management.
Additionally,
Broadridge's collaboration with YCharts in August further exemplifies its
commitment to innovation. By integrating YCharts’ cloud-based investment
research capabilities with Broadridge’s Wealth Aggregation platform, the
partnership aims to enhance advisor practices through improved investment
decision-making and client interactions
In a move
to combat the escalating threat of cyberattacks, Broadridge Financial Solutions
(NYSE: BR) has launched a suite of operationnal resilience services tailored for
international post-trade processing.
Announced
today (Tuesday), these solutions are designed to help financial firms navigate
the looming compliance deadline of the European Union's Digital Operational
Resilience Act (DORA), set to take effect in January 2025
The new
offerings are available to existing users of Broadridge’s International
Post-Trade processing solution and can also be integrated into other firms'
internal systems.
Danny
Green, Head of International Post-Trade Solutions at Broadridge, emphasized the
urgency of compliance, stating, "The DORA compliance deadline is just
three months away, and the clock is ticking." He warned that failure to
comply could lead to heightened risks of cyber incidents and potential
reputational damage.
“It is
vital that firms are advancing their plans for the timely completion of both
inhouse and third-party system reviews, and that they have a robust strategy to
meet their prescribed recovery time objectives (RTOs) for their operating model,”
Green added.
Broadridge's
operational resilience solutions include several key features:
Professional
Services: The
company offers specialized expertise to evaluate and enhance firms' risk
management frameworks. This includes identifying vulnerabilities and validating
risk controls.
High-Availability
Recovery:
Broadridge provides backup environments that meet regulatory requirements for
distance from primary sites, significantly reducing recovery times from hours
to minutes in case of cyber incidents.
Enhanced
Cyber-Recovery Capabilities: The solution incorporates secure, immutable storage systems that
create unalterable backups of critical data. In the event of a cyber-attack,
these copies can be quickly restored, facilitating efficient system recovery.
The
company’s solutions aim not only to mitigate risks but also to support firms in
maintaining business continuity amid evolving regulatory landscapes.
Broadridge Expands
Offerings to Enhance Financial Operations
Last week,
Americas Executions (AmerX) adopted Broadridge's Securities Finance and
Collateral Management (SFCM) platform to support its newly launched securities
lending business. This platform is designed to streamline operations by
providing comprehensive tools for collateral management, trade lifecycle
management, and risk assessment.
In
September, Broadridge made headlines by securing a Tier-1 Canadian bank as the
first adopter of its Distributed Ledger Repo (DLR) platform for managing
High-Quality Liquid Assets (HQLA). This milestone not only underscores the
growing acceptance of Distributed Ledger Technology (DLT) in financial
operations but also promises to simplify workflows and generate significant
cost savings for the bank. The DLR platform has already achieved an impressive
monthly volume of $1 trillion, marking a significant step in the evolution of
treasury securities management.
Additionally,
Broadridge's collaboration with YCharts in August further exemplifies its
commitment to innovation. By integrating YCharts’ cloud-based investment
research capabilities with Broadridge’s Wealth Aggregation platform, the
partnership aims to enhance advisor practices through improved investment
decision-making and client interactions
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
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