Challenges and Opportunities of the new UK/EU Critical Third Parties (CTP) Regimes and how to create verified skills bases to assess risks.
Financial services firms have become increasingly reliant upon cloud and other third-party providers (CTPs) in recent years, coming to rely upon a small number of service providers for material services. There is concern amongst regulators around the world that the failure or disruption of one of these critical service providers could have a systemic impact across the financial sector as a whole and threaten the stability of global financial systems.
EU legislators have responded to this threat with the Digital Operation Resilience Act (DORA), a new regulatory framework that will come into effect early in 2025. In the UK, the UK Government has proposed its own CTP regime that will permit the UK’s financial regulators to directly oversee and supervise CTPs. The UK proposals are similar to but different from the CTP regime under DORA.
Financial services institutions and third party service providers to the EU and UK financial services sector that operate cross-border need to consider how they may be impacted by DORA and the proposed UK CTP regimes.
Please join us on Wednesday, 21 June 2023 at 5:30 PM for a 6:00 PM start when Sam De Silva and Daniel Gallagher from the Technology and Outsourcing team at the international law firm CMS will lead a session that will provide an introduction to these new CTP regimes and the challenges and opportunities that they will introduce. Andrew Barnett, Key Account Manager at BCS, The Chartered Institute for IT, will join us remotely to talk about SFIA (Skills Framework for the Information Age) the industry standard for IT skills alignment.
The talks will be followed by a panel session and networking.
About the speakers
Dr Sam De Silva is an international award winning Partner in the Technology and Outsourcing practice at CMS. Sam has over 20 years’ experience providing strategic legal and commercial advice to the C-Suite in cutting-edge technology and digital transformational projects in a number of countries. Sam is on the Council of the BCS, a Trustee of the BCS and Chair of the Legal Specialist Group of the BCS. He is recognised as a leading individual in the most recent edition of the Legal 500 and Chambers & Partners directories. Sam is named in the Who’s Who of Information Technology 2023, Who’s Who of Data Privacy and Protection 2023, and the Who’s Who of Data Security 2023 as both a Global Leader and Thought Leader in those areas of law. Sam was also the winner of Lexology’s esteemed Client Choice Awards 2021 for Data Privacy & Protection in the UK.
Daniel Gallagher is a senior associate in the Technology and Outsourcing practice at CMS. He advises clients on complex technology and business process outsourcing arrangements; cloud services such as IaaS, PaaS, and SaaS; digital transformation projects; data licensing and commercialisation; software licensing, development and collaboration agreements; and other technology and IP related matters. He has been named a Rising Star for Fintech by Legal 500 2020–2023.
Andrew Barnett has been a Key Account Manager at BCS, The Chartered Institute for IT since 2005. He supports organisations in achieving staff development strategies by utilising BCS standards, qualifications & frameworks. With a focus on skills-driven approaches, Andrew enables career mobility and helps organisations quantify their capability levels for informed L&D investments. His expertise enhances workforce planning and enables quick responses to changing needs. Andrew is a sought-after speaker on aligning staff development with industry standards for organisational success.
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BCS is following government guidelines and we would ask attendees to continue to also follow these guidelines. Please go to https://www.nhs.uk/conditions/coronavirus-covid-19/ for more information, advice, and instructions.
This event is brought to you by: BCS Isle of Man international section