Clarity through conversations – assessing cyber threats and tech developments in documentation at the recent SIO forum

Just a little bit of common sense can help make firms far more secure in an age of cyber-hacks and attacks. That was one of the takeaways from the inaugural Scottish Investment Operations (SIO) Edinburgh forum for 2016.

The Edinburgh event built on the successful January event in Glasgow and had two topics that attracted good debate and discussion – cyber security and technology and trade documentation.

Analysing the cyber landscape and how to manage risk

First up we had John Whitehill, PwC Director, giving an overview of the cyber security threats and landscape and some food for thought on how it can be managed. It was a thought-provoking discussion both from a personal and a business perspective and was delivered in a non-technical, conversational way. The videos played during the session were also a great way of getting some key messages across in a fun, dynamic way.

There were some messages that summed up the session for me;

  • Cyber security risks are here to stay and ever increasing 
  • You can't secure everything so you need to prioritise and understand where your ‘crown jewels’ are, ensuring there are robust perimeters in place
  • A number of safeguards just require common sense
  • People's behaviour plays a huge part in keeping an organisation safe so regular reinforcing of key requirements within teams should be encouraged
  • Look closely at wording of contracts with third party outsourcers to understand their responsibilities in respect of cyber security

Trade documentation 2.0 – more transparent, more enabling

After coffee, Ian Harper and Robin Moody from Thunderhead took us through some future developments in the world of trade documentation using technology to improve transparency, enabling the parties to the contract to understand the status of documentation review. The overall objective is to use technology as an enabler to increase the speed with which documentation is finalised which was welcomed by everyone in the room. 

There were lots of discussion about which types of documentation could be covered and also some challenges around the cyber security risk following on from aspects highlighted during the earlier session.

Are financial services ready for the EMIR, MiFID II & CSDR changes?

Now looking ahead to the next SIO session in Glasgow on 21 April, the debate will focus on how financial services organisations are managing the operational and cultural aspects of upcoming regulatory change such as EMIR, MiFID II, CSDR.

Our panel discussion with experts from Broker, Custodian, Outsourcer, and Asset Management organisations will discuss how clients, counterparts and peers are approaching the influx of change at an operational level, with a focus on training, resourcing, and implementation.

If you have any questions, or perhaps are interested in attending the next SIO forum, please contact me either by email or phone;

Sharon Shaw

sharon.shaw@uk.pwc.com

+44(0)141 355 4305

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