{"id":46995,"date":"2024-07-05T11:14:07","date_gmt":"2024-07-05T11:14:07","guid":{"rendered":"https:\/\/www.customerservicemanager.com\/?p=46995"},"modified":"2024-07-05T11:17:04","modified_gmt":"2024-07-05T11:17:04","slug":"doras-knocking-will-financial-services-organisations-weather-the-storm","status":"publish","type":"post","link":"https:\/\/www.customerservicemanager.com\/doras-knocking-will-financial-services-organisations-weather-the-storm\/","title":{"rendered":"DORA&#8217;s Knocking: Will Financial Services Organisations Weather the Storm?"},"content":{"rendered":"<img decoding=\"async\" loading=\"lazy\" class=\"aligncenter size-full wp-image-47007\" src=\"https:\/\/www.customerservicemanager.com\/wp-content\/uploads\/2024\/07\/dora.jpg\" alt=\"DORA, the Digital Operational Resilience Act\" width=\"598\" height=\"399\" srcset=\"https:\/\/www.customerservicemanager.com\/wp-content\/uploads\/2024\/07\/dora.jpg 598w, https:\/\/www.customerservicemanager.com\/wp-content\/uploads\/2024\/07\/dora-300x200.jpg 300w\" sizes=\"(max-width: 598px) 100vw, 598px\" \/>\n<p><strong>As the winds of regulatory change sweep across the financial services landscape in the UK and Europe, a new force is fast approaching: DORA, the Digital Operational Resilience Act.<\/strong><\/p>\n<p>But, as a financial services organisation, are you <a href=\"https:\/\/go.sabiogroup.com\/event-dora-is-coming-london-registration.html?utm_source=website&amp;utm_medium=blog&amp;utm_campaign=2024-07-ukev-dora-london\" target=\"_blank\" rel=\"noopener\">among the 60% that AREN\u2019T prepared for it?<\/a><\/p>\n<p>With the clock ticking &#8211; and less than six months to go until DORA enforcement starts on 17th January 2025 &#8211; it&#8217;s time to batten down the hatches and ensure your operational resilience can withstand any tempest.<\/p>\n<p>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.<\/p>\n<p><strong>Navigating the Disaster Recovery Seas<\/strong><\/p>\n<p>First things first: identify the weak points in your Disaster Recovery strategy. A mere hour-long workshop with our Sabio CX experts can reveal:<\/p>\n<ul>\n<li>Your risk level and its severity<\/li>\n<li>Quick, often cost-free wins to implement immediately<\/li>\n<li>Particularly vulnerable customer segments<\/li>\n<li>DORA&#8217;s specific impact on your operations<\/li>\n<\/ul>\n<p><strong>Riding the Cloud Wave<\/strong><\/p>\n<p>Leveraging a consumption-based Cloud Platform as a Service (CPaaS) is no longer a luxury\u2014 it&#8217;s a necessity. Sabio offers standby CX DR solutions ready to handle significant call volumes, with guaranteed action in less than six hours.<\/p>\n<p>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<\/p>\n<p><strong>Avoiding the &#8216;Fire and Forget&#8217; Fallacy<\/strong><\/p>\n<p>While public cloud solutions might seem like smooth sailing, adopting a &#8216;fire and forget&#8217; mentality could leave you stranded. Even with the most robust CCaaS platform, you need to demonstrate a solid DR plan and strategy.<\/p>\n<p>Ask yourself: How would you cope with a 5-day outage? What about 10 days? What would the impact be? Recent <a href=\"https:\/\/sabiogroup.com\/blog\/sabio-group-swoops-help-multinational-insurance-provider?utm_source=website&amp;utm_medium=blog\" target=\"_blank\" rel=\"noopener\">high-profile CCaaS outages<\/a> serve as stark reminders that no organisation is unsinkable.<\/p>\n<p><strong>Regular Testing: Your Compass to Resilience<\/strong><\/p>\n<p>Just as a captain wouldn&#8217;t set sail without checking their instruments, regular testing is crucial for operational resilience. Work with Sabio to:<\/p>\n<ul>\n<li>Conduct regular DR testing<\/li>\n<li>Document resilience outcomes and capabilities<\/li>\n<li>Provide proof to auditors and the FCA<\/li>\n<li>Implement success management for your DR outcomes<\/li>\n<li>Continuously evolve your service through re-iteration<\/li>\n<\/ul>\n<p><strong>The Cost of Failure: A Cautionary Tale<\/strong><\/p>\n<p>The consequences of operational resilience failures can be catastrophic. Take the story of a recent UK retail and commercial bank&#8217;s costly lesson: a \u00a348m fine was just the tip of the iceberg.<\/p>\n<p>The bank suffered losses exceeding \u00a3340m and hemorrhaged 60,000 customers. Even the CIO faced a personal \u00a380,000 fine. The long-term impact on it&#8217;s reputation? Immeasurable.<\/p>\n<p>When critical incidents disrupt customer services, contact centres face overwhelming pressure. With new regulations looming in 2025, &#8216;winging it&#8217; is not a strategy. Nor is blindly trusting a single public cloud contact centre solution, as recent outages have shown.<\/p>\n<p><strong>Chart Your Course to Resilience<\/strong><\/p>\n<div class=\"note\">\n<p>Ready to navigate these challenging waters? Register now for an <a href=\"https:\/\/go.sabiogroup.com\/event-dora-is-coming-london-registration.html?utm_source=website&amp;utm_medium=blog&amp;utm_campaign=2024-07-ukev-dora-london\" target=\"_blank\" rel=\"noopener\">exclusive event at The Walbrook Club in London on Tuesday, 16th July 2024<\/a>. 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.<\/p>\n<\/div>\n<p>Don&#8217;t miss this opportunity to stay ahead of the regulatory curve and ensure your financial services organisation remains unsinkable in the face of DORA and beyond.<\/p>\n<p><strong>About the Author<\/strong><\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignleft size-full wp-image-47010\" src=\"https:\/\/www.customerservicemanager.com\/wp-content\/uploads\/2024\/07\/james-dodson.jpg\" alt=\"James Dodson\nCommercial Manager for Financial Services, Sabio Group\" width=\"150\" height=\"150\" srcset=\"https:\/\/www.customerservicemanager.com\/wp-content\/uploads\/2024\/07\/james-dodson.jpg 150w, https:\/\/www.customerservicemanager.com\/wp-content\/uploads\/2024\/07\/james-dodson-100x100.jpg 100w, https:\/\/www.customerservicemanager.com\/wp-content\/uploads\/2024\/07\/james-dodson-120x120.jpg 120w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/>James Dodson is Commercial Manager for Financial Services at Sabio Group.<\/p>\n<p><strong>About Sabio<\/strong><\/p>\n<p><a href=\"https:\/\/www.sabiogroup.com\/\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" loading=\"lazy\" class=\"alignright wp-image-32270 size-full\" src=\"https:\/\/www.customerservicemanager.com\/wp-content\/uploads\/2022\/04\/sabio-logo.jpg\" alt=\"Sabio\" width=\"223\" height=\"68\" \/>Sabio Group<\/a>\u00a0is a global digital customer experience (CX) transformation specialist with major operations in the UK (England and Scotland), Spain, France, Netherlands, Malaysia, Singapore, South Africa and India.<\/p>\n<p>The Group, which includes \u2018makepositive\u2019, delivers solutions and services that seamlessly combine digital and human interactions to support exceptional customer experiences.<\/p>\n<p>Through its own technology, and that of world-class technology leaders such as Avaya, Genesys, Verint, Twilio, Google, Amazon and Salesforce, Sabio helps organisations optimise their customer journeys by making better decisions across their multiple contact channels.<\/p>\n<p>The Group works with major brands worldwide, including Aegon, AXA Assistance, Bankia, BBVA, BGL, Caixabank, DHL, loveholidays, Marks &amp; Spencer, Rentokil, Essent, GovTech, HomeServe, Sainsbury\u2019s Argos, Telef\u00f3nica, Think Money and Transcom Worldwide.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As the winds of regulatory change sweep across the financial services landscape in the UK and Europe, a new force is fast approaching: DORA, the Digital Operational Resilience Act..<\/p>\n","protected":false},"author":768,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"_links":{"self":[{"href":"https:\/\/www.customerservicemanager.com\/wp-json\/wp\/v2\/posts\/46995"}],"collection":[{"href":"https:\/\/www.customerservicemanager.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.customerservicemanager.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.customerservicemanager.com\/wp-json\/wp\/v2\/users\/768"}],"replies":[{"embeddable":true,"href":"https:\/\/www.customerservicemanager.com\/wp-json\/wp\/v2\/comments?post=46995"}],"version-history":[{"count":13,"href":"https:\/\/www.customerservicemanager.com\/wp-json\/wp\/v2\/posts\/46995\/revisions"}],"predecessor-version":[{"id":47011,"href":"https:\/\/www.customerservicemanager.com\/wp-json\/wp\/v2\/posts\/46995\/revisions\/47011"}],"wp:attachment":[{"href":"https:\/\/www.customerservicemanager.com\/wp-json\/wp\/v2\/media?parent=46995"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.customerservicemanager.com\/wp-json\/wp\/v2\/categories?post=46995"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.customerservicemanager.com\/wp-json\/wp\/v2\/tags?post=46995"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}