Effective Operational Resilience: More than just disaster recovery

<p>The financial industry has undergone a significant transformation in recent years, with the accelerated shift to digitized services having a profound impact on the banking landscape. Not only has it changed the way financial institutions operate, but it has also affected anti-money laundering risks and financial crime prevention measures across the enterprise.</p> <p>As a result, there has been a marked shift in focus from traditional risk management practices to enhanced business resilience. This new approach emphasizes the importance of preparing for and quickly adapting to potential disruptions to critical financial infrastructure and services. Early adopters of this approach are expected to gain a competitive advantage as they streamline critical services and help to strengthen the wider financial market infrastructure.</p> <p>Regulators in the European Union have expanded the scope of the Digital Operational Resilience Act (DORA) to include obligations designed to ensure that financial institutions&#39; business lines remain operationally resilient against various categories of risk. Similarly, in Canada, the Office of the Superintendent of Financial Institutions (OSFI) has issued updated Third-Party Risk Management (TPRM) guidance and plans to hold a public information session on operational risk and resilience in the first quarter of 2023, with a view to publishing draft revised guidance for consultation in Spring 2023.</p> <p>In this episode Charlene Sebastian, Head of Client Success at MinervaAI talks with Denis Nwanshi, Founder of NetraScale, and the future of secure digital banking research initiative, NetraBank, to explore the intersection between operational resilience and financial crime prevention, with a particular emphasis on the role of next-generation technologies. These technologies can help protect critical financial infrastructure and services while enhancing capabilities for financial crime detection. The use of advanced technologies like artificial intelligence, machine learning, and bl