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Iress response to situation in Ukraine and eastern Europe

Iress People

Iress is actively monitoring the ongoing situation in Ukraine and eastern Europe. The following responses may be used as part of risk assessments relating to the situation.

If you have any specific questions not covered below, please speak to your Iress representative.

What direct impact and risks does Iress foresee on your operations as a result of the situation in Ukraine?

We do not foresee any direct risks to our operations as a result of the Ukraine crisis and do not have any operations in Russia.

Iress works with a small team of software engineers based in Lviv in Western Ukraine through a partnership arrangement. The team is focused on development of our blockchain technology. We are in daily contact with the Ukrainian team. Currently, they are all safe and able to continue working from their homes.

We do not believe there will be any challenges in our continuity of service due to support from other teams within Iress. We are mitigating potential impacts by supplementing the local team in Sydney with additional engineers.

What indirect impact/risks does Iress foresee (eg through supply chains)?

Iress does not foresee any indirect risks to our operations through our key subcontractors/supply chain.

We have thoroughly reviewed our use of third-party technology and services, and can confirm no known exposure to suppliers impacted by sanctions.

What actions Is Iress taking to mitigate potential impacts? 

We continue to actively monitor the situation in Ukraine.

We are taking steps to strengthen our information security posture. 

We are actively reviewing our supply chain to ensure there are no dependencies on organisations in Russia or Ukraine.

We have planned for increased trading and market data volumes due to market volatility and are confident our trading systems are well prepared.

What risks does Iress see from an information security perspective?

Iress continuously and vigorously reviews threats to our software, systems and data.

We have not detected any evidence that our systems or software have been compromised, however we remain vigilant.

Has Iress been impacted by increased share trading volumes? Is Iress confident its systems can support ongoing market volatility?

Over the past few years, we have taken a number of measures to strengthen the robustness of our trading and market data system to appropriately manage spikes in activity caused by market volatility. 

We are confident in our ability to support the global financial services community effectively despite increases in market data and trading volumes.

How is Iress supporting the humanitarian crisis in Ukraine?

The Iress Foundation is supporting the global humanitarian crisis in Ukraine through a donation to CARE Australia. CARE Australia has partnered with People In Need to distribute food, water, hygiene kits and money for supplies. 

People in Need is one of the largest aid organisations in Eastern Europe and has been providing humanitarian assistance in Ukraine since 2014.