DORA’s Knocking: Will Financial Services Organisations Weather the Storm? James Dodson,Sabio Group, discusses.
As the winds of regulatory change sweep across the financial services landscape in the UK and Europe, a new force is approaching – and fast.
DORA, the Digital Operational Resilience Act.
But, as a financial services organisation, are you among the 60% that AREN’T prepared for it?
With the clock ticking – and less than six months to go until DORA enforcement starts on 17th January 2025 – it’s time to batten down the hatches and ensure your operational resilience can withstand any tempest.
For those that are feeling slightly adrift ahead of this regulatory change, fear not. By focusing on four key areas, you can chart a course towards compliance and robust customer experience (CX) operational resilience.
Navigating the Disaster Recovery Seas
First things first: identify the weak points in your Disaster Recovery strategy. A mere hour-long workshop with our Sabio CX experts can reveal:
√ Your risk level and its severity
√ Quick, often cost-free wins to implement immediately
√ Particularly vulnerable customer segments
√ DORA’s specific impact on your operations
Riding the Cloud Wave
Leveraging a consumption-based Cloud Platform as a Service (CPaaS) is no longer a luxury— it’s a necessity. Sabio offers standby CX DR solutions ready to handle significant call volumes, with guaranteed action in less than six hours.
Even if you find yourself in choppy waters without a backup plan, Sabio can throw you a lifeline, recovering your CX on our DR capability. Utilising technologies like Amazon Connect, Twilio Flex, and Avaya CPaaS, Sabio provides solutions from all the public cloud providers ensuring your customer experience stays afloat, come rain or shine
Avoiding the ‘Fire and Forget’ Fallacy
While public cloud solutions might seem like smooth sailing, adopting a ‘fire and forget’ mentality could leave you stranded. Even with the most robust CCaaS platform, you need to demonstrate a solid DR plan and strategy.
Ask yourself: How would you cope with a 5-day outage? What about 10 days? What would the impact be? Recent high-profile CCaaS outages serve as stark reminders that no organisation is unsinkable.
Regular Testing: Your Compass to Resilience
Just as a captain wouldn’t set sail without checking their instruments, regular testing is crucial for operational resilience. Work with Sabio to:
√ Conduct regular DR testing
√ Document resilience outcomes and capabilities
√ Provide proof to auditors and the FCA
√ Implement success management for your DR outcomes
√ Continuously evolve your service through re-iteration
The Cost of Failure: A Cautionary Tale
The consequences of operational resilience failures can be catastrophic. Take the story of a recent UK retail and commercial bank’s costly lesson: a £48m fine was just the tip of the iceberg.
The bank suffered losses exceeding £340m and hemorrhaged 60,000 customers. Even the CIO faced a personal £80,000 fine. The long-term impact on it’s reputation? Immeasurable.
When critical incidents disrupt customer services, contact centres face overwhelming pressure. With new regulations looming in 2025, ‘winging it’ is not a strategy. Nor is blindly trusting a single public cloud contact centre solution, as recent outages have shown.
Chart Your Course to Resilience
Ready to navigate these challenging waters? Register now for an exclusive event at The Walbrook Club in London on Tuesday, 16th July 2024. Hosted by Sabio, Avaya, and Baringa, this gathering of financial services leaders will equip you with the knowledge and tools to fortify your operational resilience.
James Dodson is Commercial Manager for Financial Services at the Sabio Group
Sabio Group is a global digital experience transformation services specialist with major operations in the UK (England and Scotland), Spain, France, Netherlands, Denmark, Malaysia, Singapore, South Africa and India.
The Group delivers solutions and services that seamlessly combine digital and human interactions to support brilliant customer & employee experiences (CX & EX).
Through its own technology, and that of world-class technology leaders such as Amazon, Avaya, Genesys, Google, Microsoft, Salesforce, Twilio and Verint, Sabio helps organisations optimise their customer journeys by making better decisions across their multiple contact channels.
The Group specialises in contact centre, AI, CRM and data insight technologies and works with major brands worldwide, including Aegon, AXA Assistance, BBVA, BGL, Caixabank, DHL, loveholidays, Marks & Spencer, Rentokil Initial, Essent, GovTech, HomeServe, Sainsbury’s Argos, Telefónica and Transcom Worldwide.
For additional information on the Sabio Group view their Company Profile
