Broadridge Launches Enhanced Operational Resilience Solution and Services for International Post-Trade Processing

Rhea-AI Summary

Broadridge Financial Solutions (NYSE: BR) has launched enhanced services and solution capabilities for international post-trade processing to address increasing cyber threats and operational resilience mandates. The new offerings aim to help firms comply with the European Union's Digital Operational Resilience Act (DORA) and other global regulations.

Key features include:

• Professional services with specialized expertise to assess and validate risk and control frameworks
• High-availability recovery with back-up environments meeting regulatory requirements
• Enhanced recovery of entire system infrastructure using secure, immutable storage

These solutions are available to current users of Broadridge's International Post-Trade processing solution and the wider industry. The services are designed to mutualize costs through a shared services pricing model, enabling firms to improve business continuity and regulatory compliance.

Positive

• Launch of enhanced operational resilience solutions for international post-trade processing
• Potential for increased revenue from new services and solutions
• Expansion of customer base beyond current International Post-Trade processing solution users
• Positioning as a leader in compliance solutions for DORA and other global regulations

Negative

• None.

NEW YORK and LONDON and TOKYO, Oct. 15, 2024 /PRNewswire/ -- In response to the increased sophistication and prevalence of cyber threats, and board mandates on operational resilience, Broadridge Financial Solutions, Inc. (NYSE: BR) has launched a range of enhanced services and solution capabilities for international post-trade processing. These capabilities enable firms to comply with the European Union's Digital Operational Resilience Act (DORA) and other global regulations requiring a heightened level of operational resilience and are available to banks and brokers that currently use Broadridge's leading International Post-Trade processing solution, as well as to the wider industry to augment their inhouse or vendor systems and operational teams.

"The DORA compliance deadline is just three months away and the clock is ticking. Non-compliance will expose financial firms to an increased risk of cyber incidents, security breaches and system outages, as well as the potential for reputational damage and avoidable regulatory penalties," said Danny Green, Head of International Post-Trade Solutions, Broadridge.  "It is vital that firms are advancing their plans for the timely completion of both inhouse and third-party system reviews, and that they have a robust strategy to meet their prescribed recovery time objectives (RTOs) for their operating model."

Broadridge's operational resilience services and solutions for international post-trade processing enable firms to mutualize the cost of ensuring business continuity in the face of growing cyber-attacks, and of complying with DORA and other international operational resilience mandates through a shared services pricing model that includes:

• Deeply knowledgeable professional services: Specialized expertise and advanced analytical tools to assess and validate firms' risk and control frameworks relating to internal and third-party systems and service provider data. It includes thorough evaluations of current frameworks to identify potential vulnerabilities, validation of risk controls and recommendations for enhancing the robustness and efficiency of operational risk management practices.
• High-availability recovery: The provision of back-up environments that are the regulatory-prescribed distance away from a firm's primary site, and that meet recovery time objectives within the required timeframe and to the required standard in the event of a cyber-attack or outage.  Broadridge's enhanced solution can reduce recovery times from hours to minutes.
• Enhanced recovery of entire system infrastructure: An enhanced cyber-recovery capability that can prevent the compromise of critical data assets in as robust a manner as possible.  By deploying secure, immutable storage, Broadridge can support unalterable, point-in-time copies of a firm's international post-trade infrastructure including the operating system, post-trade software and critical data. In the event of a cyber incident, these secure, cyber-resilient copies can be swiftly restored to enable faster and easier system recovery.

About Broadridge

Broadridge Financial Solutions (NYSE: BR) is a global technology leader with the trusted expertise and transformative technology to help clients and the financial services industry operate, innovate, and grow. We power investing, governance, and communications for our clients – driving operational resiliency, elevating business performance, and transforming investor experiences. 

Our technology and operations platforms process and generate over 7 billion communications per year and underpin the daily trading of more than $10 trillion of securities globally. A certified Great Place to Work®, Broadridge is part of the S&P 500® Index, employing over 14,000 associates in 21 countries. For more information about us, please visit www.broadridge.com. 

Broadridge Contacts:

Investors: 
Edings Thibault
Head of Investor Relations, Broadridge
broadridgeir@broadridge.com

Media:
Gregg Rosenberg
Global Head of Corporate Communications
Gregg.Rosenberg@broadridge.com

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SOURCE Broadridge Financial Solutions, Inc.

FAQ

What new services has Broadridge (BR) launched for international post-trade processing?

Broadridge (BR) has launched enhanced operational resilience services and solutions for international post-trade processing, including professional services, high-availability recovery, and enhanced recovery of entire system infrastructure.

How do Broadridge's (BR) new solutions help with DORA compliance?

Broadridge's (BR) new solutions help firms comply with DORA by providing specialized expertise to assess risk frameworks, offering back-up environments that meet regulatory requirements, and enabling faster system recovery in case of cyber incidents.

When is the DORA compliance deadline mentioned in Broadridge's (BR) press release?

According to the press release, the DORA compliance deadline is three months away from October 15, 2024, which would be around January 15, 2025.

What pricing model does Broadridge (BR) offer for its new operational resilience services?

Broadridge (BR) offers a shared services pricing model for its new operational resilience services, allowing firms to mutualize the cost of ensuring business continuity and regulatory compliance.