Connect with us
European Gaming Congress 2024

Latest News

How Should Regtechs Be Preparing for DORA?

Published

on

 

The Digital Operational Resilience Act (DORA) is set to transform the regulatory landscape for financial institutions and their service providers. Regtech companies, which specialize in regulatory technology solutions, must prepare for the changes DORA will bring to ensure compliance and operational resilience.

Understanding DORA

DORA aims to enhance the digital operational resilience of financial entities by establishing a comprehensive regulatory framework. Key aspects of DORA include:

Advertisement
Stake.com
  • Risk Management: Implementing robust risk management frameworks to address digital operational risks.
  • Incident Reporting: Establishing processes for timely reporting of significant incidents.
  • Third-Party Risk: Managing risks associated with third-party service providers, including cloud services and IT vendors.

Preparing for DORA

Regtech companies should take proactive steps to prepare for DORA, including:

  • Enhancing Solutions: Developing and enhancing solutions that help financial institutions comply with DORA requirements, such as risk management tools and incident reporting systems.
  • Collaboration: Collaborating with financial institutions to understand their specific needs and tailor solutions accordingly.
  • Training and Education: Providing training and educational resources to help clients understand DORA requirements and implement necessary changes.

Challenges and Opportunities

While DORA presents challenges, it also offers opportunities for regtech companies. By developing innovative solutions that address DORA requirements, regtechs can differentiate themselves in the market and attract new clients.

The Path Forward

As the implementation date for DORA approaches, regtech companies must prioritize compliance and operational resilience. By staying ahead of regulatory changes and providing valuable solutions to their clients, regtechs can play a crucial role in enhancing the digital operational resilience of the financial sector.

Source of the news: Fintech Global

Advertisement
Stake.com

The post How Should Regtechs Be Preparing for DORA? appeared first on HIPTHER Alerts.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

US Regulators Fine Citigroup $136M for Insufficient Progress Towards Compliance with 2020 Consent Order

Published

on

 

US regulators have fined Citigroup $136 million for failing to make sufficient progress in addressing issues outlined in a 2020 consent order. The fine underscores the importance of compliance and the consequences of non-compliance for financial institutions.

Background of the Consent Order

In 2020, US regulators issued a consent order to Citigroup, highlighting deficiencies in the bank’s risk management and internal controls. The order required Citigroup to implement a series of corrective measures to address these issues.

Advertisement
Stake.com

Key Issues Identified:

  • Risk Management: Inadequate risk management practices that could expose the bank to significant financial and operational risks.
  • Internal Controls: Weaknesses in internal controls, particularly in relation to compliance and regulatory requirements.
  • Data Governance: Deficiencies in data governance and management, impacting the bank’s ability to accurately report financial information.

Reasons for the Fine

The $136 million fine was imposed due to Citigroup’s insufficient progress in implementing the corrective measures required by the 2020 consent order.

Regulatory Findings:

  • Slow Implementation: Regulators found that Citigroup had not made the necessary improvements at the expected pace.
  • Ongoing Deficiencies: Despite some progress, several key deficiencies identified in the consent order remained unaddressed.
  • Compliance Failures: The bank’s failure to fully comply with the consent order requirements resulted in the imposition of the fine.

Impact on Citigroup

The fine has significant implications for Citigroup, both financially and reputationally:

  • Financial Penalty: The $136 million fine represents a substantial financial penalty for the bank.
  • Reputational Damage: The fine and the ongoing compliance issues could damage Citigroup’s reputation and erode customer trust.
  • Operational Impact: Addressing the deficiencies highlighted by regulators will require substantial resources and focus, potentially impacting other areas of the bank’s operations.

Steps Towards Compliance

In response to the fine, Citigroup has committed to accelerating its efforts to address the issues outlined in the consent order. Key steps include:

Advertisement
Stake.com
  • Enhanced Risk Management: Strengthening risk management practices to better identify, assess, and mitigate risks.
  • Improved Internal Controls: Implementing robust internal controls to ensure compliance with regulatory requirements.
  • Data Governance: Enhancing data governance and management practices to improve the accuracy and reliability of financial reporting.

Future Outlook

Citigroup’s efforts to address the deficiencies and comply with the consent order will be closely monitored by regulators. The bank’s ability to implement the necessary improvements will be critical to restoring regulatory confidence and avoiding further penalties.

In conclusion, the $136 million fine imposed on Citigroup underscores the importance of compliance and the serious consequences of failing to meet regulatory requirements. The bank’s commitment to addressing the deficiencies will be key to its future success and regulatory standing.

Source of the news: Fintech Futures

The post US Regulators Fine Citigroup $136M for Insufficient Progress Towards Compliance with 2020 Consent Order appeared first on HIPTHER Alerts.

Advertisement
Stake.com
Continue Reading

Latest News

Global Distinction for Piraeus at the 2024 Euromoney Excellence Awards

Published

on

ATHENS, Greece, July 22, 2024 /PRNewswire/ — Piraeus proudly announces that it has received three prestigious international awards at the Euromoney Awards for Excellence 2024. During the ceremony, which took place on July 18, 2024, in London, Piraeus was recognized with the “The World’s Best Bank Transformation” award, acknowledging its turnaround story. This distinction highlights the Bank’s successful journey, marked by a strategic overhaul and a return to profitability, fueled by innovative digital solutions, customer-centric services and sustainable practices.

Mr. Christos Megalou, CEO of Piraeus, stated: “This international recognition at the Euromoney Awards for Excellence,2024 is a testament to our unwavering strategic focus on excellence, innovation, and ethical banking practices. It is a prestigious honor that acknowledges the collective effort and dedication of all Piraeus employees and strengthens our resolve to maintain the Bank’s positive momentum, creating lasting value for our clients, staff, shareholders, and the broader community.”

Piraeus was named the “Best Bank in Greece“, for the second consecutive year, thus rewarding the Bank’s leading role in the Greek financial system. The evaluation was made by the experienced editors of Euromoney, taking into account the strong financial results, the continuous improvement of the Bank’s key indicators and the consistent implementation of its strategic plan. Furthermore, Piraeus was honored with the “Best Bank in Greece for Corporate Responsibility” award during the same ceremony,  in recognition of the Bank’s pioneering Corporate Social Responsibility program, “EQUALL – For a Society of Equal People”, which reaffirms Piraeus strategic commitment to fostering social contribution and generating a positive social impact.

The Euromoney Awards for Excellence, established in 1992, were the first of their kind in the global banking industry and continue to set the standard. These prestigious awards are the result of a rigorous three-month research and interview process involving 600 banks from over 100 countries, adjudicated by an editorial panel of judges.

View original content:https://www.prnewswire.co.uk/news-releases/global-distinction-for-piraeus-at-the-2024-euromoney-excellence-awards-302202775.html

Advertisement
Stake.com

Continue Reading

Latest News

Market Dojo Celebrates Prestigious Inclusion in Ardent Partners 2024 Strategic Sourcing Technology Advisor

Published

on

STROUD, England, July 22, 2024 /PRNewswire/ — Market Dojo, a leading provider of on-demand strategic sourcing solutions, is thrilled to announce its recognition as a “Challenger” in the esteemed Ardent Partners 2024 Strategic Sourcing Technology Advisor Report. This accolade underscores Market Dojo’s commitment to delivering user-friendly, cost-effective, transformative strategic sourcing solutions to organisations of all sizes worldwide.

Highlights:

1. Acknowledgement of Solution Strength and Flexibility:

    • Market Dojo has been lauded for its intuitive eSourcing, Contract Management, and Supplier Management solutions that are easy to deploy and require minimal user training. This recognition highlights the company’s ability to provide essential strategic sourcing tools efficiently and effectively.

2. Rapid Deployment and Flexible Business Model:

    • Ardent Partners emphasised Market Dojo’s unique approach of allowing customers to access its eSourcing solution on a project-by-project basis. This flexibility is particularly beneficial for organisations seeking quick implementation and proof of concept without long-term commitments.

3. Strategic Integration with Esker:

    • Since Esker’s acquisition of a majority stake in Market Dojo, the Strategic Sourcing suite has been integrated with Esker’s P2P solution, forming a comprehensive Source-to-Pay (S2P) suite. This integration brings enhanced resources and capabilities, offering greater investment in product development and customer success.

4. Affordability without Compromising Functionality:

    • Market Dojo stands out for providing one of the most affordable strategic sourcing suites in the market. Despite its competitive pricing, the suite offers a broad scope of functionality, making it an attractive option for organisations embarking on digital transformation.

5. Focus on Continuous Improvement:

    • The report notes Market Dojo’s dedicated focus on enhancing its strategic sourcing suite and the positive impact of its solutions on customers. The company’s commitment to investing in its products and services with AI and automation functionality continues to drive customer satisfaction and market growth.

Executive Insights:

Alun Rafique, Co-Founder and CEO of Market Dojo, “Being included in Ardent Partners’ 2024 Strategic Sourcing Technology Advisor is a fantastic achievement for Market Dojo. Aligned with the significant investment in our people, our AI and automation capability, it validates our efforts to provide highly effective and user-friendly sourcing solutions. This fuels our commitment to innovate and deliver even greater value to our customers as we continue our success journey with Esker.”

About Market Dojo:

Advertisement
Stake.com

Market Dojo is a global procurement software provider built to solve inefficient sourcing and supplier management processes by digitising and automating activities quickly and easily to unlock strategic value for Procurement and Finance professionals. Market Dojo’s on demand, solutions incorporate technologies like Artificial Intelligence (AI) to control costs, drive increased productivity, reduce risk, and improve internal and external collaboration.

Market Dojo operates worldwide with headquarters in Stonehouse UK and is 51% owned by Esker, a global cloud platform with headquarters in Lyon, France.

For more information on Market Dojo visit www.marketdojo.com. Follow Market Dojo on LinkedIn and join the conversation on Market Dojo’s blog at marketdojo.com/resources.

[email protected] +44 (0) 117 230 9200

View original content:https://www.prnewswire.co.uk/news-releases/market-dojo-celebrates-prestigious-inclusion-in-ardent-partners-2024-strategic-sourcing-technology-advisor-302202802.html

Advertisement
Stake.com

Continue Reading

Trending