TwentyEA’s Post

This is a great webinar for small businesses to understand how to make better use of the SARS Digital Channels.

A useful summary of the importance of Op Resilience and the challenges ahead in the year #resilience #risk

🎯 Follow your money spent in FY 2021/22 for road maintenance FACT : 🚧The DAs collectively spent UGX 321.642 billion (98.68% of funds disbursed) 🚧UGX 235.060 billion was spent by UNRA (99.9% absorption) 🚧UGX 24.777 billion was spent by KCCA (119.8% absorption) 🚧UGX 6.880 billion was spent by Cities (92.9% absorption)  ⏬ Read our Full Report https://lnkd.in/dK8NENc5

An important speech from Sasha Mills, highlighting where financial market infrastructures (FMIs) should be focusing their efforts to build operational resilience. Given how crucial FMIs are - facilitating millions of transactions across both financial markets and the wider economy every day - it's essential that we can rely on them to respond and recover effectively when operational disruption hits!

For the marketing leading platform to address these critical requirements come talk to Fusion Risk Management. Operational Resilience is what we do. It’s all we do. #fusionrm. #opres

Pretty instructive read ahead of the March 2025 deadline for implementing PRA SS1/21. A few quick observations from the speech by Sasha Mills, Executive Director, Financial Market Infrastructure at the Bank of England: ◾️𝐓𝐡𝐞 𝐂𝐄𝐎 𝐨𝐟 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐢𝐧𝐬𝐭𝐢𝐭𝐮𝐭𝐢𝐨𝐧𝐬 𝐢𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐟𝐫𝐚𝐦𝐞 𝐭𝐨 𝐚𝐜𝐜𝐨𝐮𝐧𝐭 𝐟𝐨𝐫 𝐫𝐞𝐬𝐢𝐥𝐢𝐞𝐧𝐜𝐞 𝐦𝐞𝐚𝐬𝐮𝐫𝐞𝐬. I think that was intentional and not shorthand for the CIO or CTO, because regulations like NIS2 and DORA also stress the ultimate responsibilities of management bodies (i e. Article 20 in NIS2 and Article 5 in DORA emphasises this). ◾️𝐂𝐫𝐢𝐭𝐢𝐜𝐚𝐥 𝐓𝐡𝐢𝐫𝐝 𝐏𝐚𝐫𝐭𝐲 𝐃𝐞𝐭𝐞𝐫𝐦𝐢𝐧𝐚𝐭𝐢𝐨𝐧 𝐢𝐬 𝐤𝐞𝐲. In the scenario that Sasha Mills cites she highlighted that CEOs are expected to know who the critical third parties are and what recovery measures are in place to minimise disruptions. in other words, the oversight of critical third parties by the UK regulators doesn't absolve financial institutions from theirs. ◾️𝐌𝐨𝐫𝐞 𝐰𝐨𝐫𝐤 𝐧𝐞𝐞𝐝𝐞𝐝 𝐨𝐧 𝐝𝐢𝐬𝐫𝐮𝐩𝐭𝐢𝐨𝐧 𝐬𝐜𝐞𝐧𝐚𝐫𝐢𝐨𝐬 𝐚𝐧𝐝 𝐭𝐨𝐥𝐞𝐫𝐚𝐧𝐜𝐞 𝐜𝐚𝐥𝐢𝐛𝐫𝐚𝐭𝐢𝐨𝐧. Towards the bottom of the speech, it becomes clear that the UK regulator doesn't feel that financial institutions have spent enough time on responding to disruptive but plausible scenarios. There was also a call to think about tolerance beyond the initially affected institutions and bear the wider market disruptions in mind. Just a few areas to hone in on ahead of the PRA SS1/21 deadline with a (not so) subtle steer from the regulators for improvement areas.

The upcoming regulation in March 2025 focuses on the recovery of important business services. To determine how much impact the services can handle, it is necessary to map them out to the technology layer and infrastructure. To achieve this, application and #infrastructure #observability solutions are needed to provide the required metrics and telemetry data, which must be used to test and assess the IBS.

Exciting insights from the Bank of England! This article underscores the importance of FMIs adopting a high level of discipline to navigate disruptions effectively, considering their pivotal role as the backbone of the financial industry. I see this expectations as a significant stride toward enhancing operational resilience across the entire ecosystem beyond the banks themselves. #OperationalResilience #FinancialIndustry #FMIs #thoughtleadership #operationalriskmanagement

Another very busy year for the UKFIU according to the #SARs Annual Statistical Report Total SARs received: 859,905 🔻 5% YOY Total DAMLs received: 74,431 🔻 11% YOY Total DATFs received: 342 🔻 4% YOY Funds denied from DAML requests: £272.7M 🔻 11% YOY A change to the ‘threshold amount’ value from £250 to £1,000 was enacted in January 2023 under POCA s339A, which enables deposit taking financial institutions, EMIs and PSPs to ‘operate’ accounts without seeking a defence for transactions up to £1,000. This may have contributed to a reduction in DAML requests, however there remains an increase in new reporters. Are we making a difference? #ffe #suspiciousactivityreport #sar

The FBR has postponed the release of updated property valuation notifications across the country. Originally planned for July 2024, these updates were expected to increase property values in major cities from 75% to 90% of market rates. Despite discussions and a new FBR Chairman in place, the revised notifications remain pending as of mid-August 2024. #PropertyValuation #FBRUpdate #RealEstateNews #PakistanEconomy