European banks and financial institutions must prepare now for stringent new rules on third-party suppliers. A consultation on plans to introduce a regime similar to the EU’s Digital Operational Resilience Act (DORA), but focusing on critical non-ICT third-party suppliers, closed in October, and guidelines will follow shortly.

Experts at global law firm Travers Smith wrote in a legal briefing in November that the plans build significantly on the European Banking Authority’s (EBA’s) existing rules from 2019 and “will lead to an overhaul of third-party risk management with EU financial services.”

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Ruth Prickett graduated from Cambridge University with a BA hons in History and has specialized in business and finance journalism for the past 20 years. She was editor of Financial Management, the magazine...