Episode
Understanding DORA's Impact: Your Fintech's Partners Could Be Your Biggest Risk | Wayne Scott, Regulatory Compliance Lead at Escode
- Podcast
- Purpose Driven FinTech
- Published
- Jan 21, 2025
- Duration seconds
- 3206
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Summary
DORA is here and if you are a FinTech in Europe you MUST listen to this conversation! DORA is the Digital Operational Resilience Act that is effective from 17th Jan, 2025; and will affect all FinTech partners – yes it’s a biggy one; potentially bigger than GDPR! In this pod I speak with Wayne Scott, Regulatory Compliance Solutions Lead at Escode. Wayne brings his extensive global regulatory expertise and breaks down why this new European regulation is a game-changer for FinTechs worldwide - and why we should be paying attention NOW. 🔑 Key Highlights on DORA: DORA goes into effect January 17th, affecting 15,000+ financial institutions and 7-8,000 fintechs Unlike previous regulations, DORA extends to ALL critical suppliers and partners in the fintech ecosystem Potential fines could reach 2% of global revenue PER DAY for non-compliance The regulation impacts any company providing services into Europe, regardless of their location Not just about security - DORA focuses on operational resilience, supplier failure, and concentration risk We discuss how regulation actually spurs innovation rather than stifling it, diving deep into the practical implications of Europe's new Digital Operational Resilience Act (DORA) and its global ripple effects; explore the concept of operational contagion in our interconnected fintech ecosystem, and how businesses need to prepare for the AI revolution from a regulatory standpoint. We go wide and talk critical supply chain risk management, demystifying the process of identifying and protecting vital business infrastructure, and the future of global financial regulation in 2025 and beyond. We cover: [00:10:00] What is DORA (Digital Operational Resilience Act) explained in plain English [00:10:25] The scope: Affects…