The European Securities and Markets Authority (ESMA) published the mandate of a sub-committee of the joint committee of the European Supervisory Authorities (ESAs) on digital operational resilience. This mandate came into effect on July 01, 2022.
The mandate sets out provisions related to the digital operational resilience framework, along with the related tasks, deliverable types, internal organization, and effective date. The main objective of the joint committee of the ESA’s digital operational resilience sub-committee is to assist the ESAs, through their joint committee, in fulfilling their policy mandates under the Regulation on digital operational resilience for the financial sector (DORA). The sub-committee shall carry out its work program in the area of digital operational resilience, particularly the following tasks:
- Contribute to, and coordinate where needed, ESAs’ input to any aspects of the regulatory process related to digital operational resilience, including developing technical advice, draft technical standards, guidelines, and recommendations where mandated by the European Commission or by legislation, in particular by DORA
- Conduct preparatory work for gradual development of an effective European Union-level coordinated response in the event of a cross-border major cyber incident or related threat that could have a systemic impact on the financial sector, as envisaged by recommendation of the European Systemic Risk Board (ESRB) on a pan-European systemic cyber incident coordination framework for relevant authorities (ESRB/2021/17)
- Coordinate the monitoring of digital operational resilience practices and threats, ensure cross-sectoral coordination and exchange of information, and fulfil any other specific tasks delegated by the joint committee, to promote the safety and soundness of markets and the convergence of regulatory and supervisory practices.
Related Link: Mandate (PDF)
Keywords: Europe, EU, Banking, Insurance, Securities, Digital Operational Resilience, DORA, Regtech, Cyber Risk, Operational Risk, ESAS, Basel, ESMA
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