Emerging & Specific Regulation

DORA

DORA was enforced on 16 January 2023 and will be applicable from 17 January 2025 onwards. The primary objective is to enhance the IT security of financial entities to ensure that the financial sector remains resilient during severe operational disruptions.

 This regulation is set to harmonize the rules related to operational resilience for the financial sector, extending its application to 20 different types of financial entities as well as Information and Communication Technology (ICT) third-party service providers

DOWNLOAD DORA GUIDELINE

Get your free copy of DORA Guideline

Overview of Topic

DORA was enforced on 16 January 2023 and will be applicable from 17 January 2025 onwards. The primary objective is to enhance the IT security of financial entities to ensure that the financial sector remains resilient during severe operational disruptions.

This regulation is set to harmonize the rules related to operational resilience for the financial sector, extending its application to 20 different types of financial entities as well as Information and Communication Technology (ICT) third-party service providers1.DORA establishes a binding, comprehensive ICT risk management framework specifically for the EU financial sector. This framework is aimed at creating a single regulatory environment at the European level to manage risks stemming from ICT and suppliers.

It’s designed to improve cybersecurity and operational resiliency in the financial services sector, complementing existing laws like the Network and Information Security Directive (NISD) and the General Data Protection Regulation (GDPR).

The regulation also seeks to harmonize existing rules on managing ICT governance, risks, and incident reporting for all financial institutions, ensuring operational resilience against cyber-attacks. This applies to all EU and non-EU companies operating in mainland Europe.

Significance in Today's Landscape

With the financial sector becoming increasingly reliant on technology and tech companies for delivering financial services, there’s a growing vulnerability to cyber-attacks or other tech-related incidents. Improper management of ICT risks can cause disruptions in financial services, which may extend across borders affecting other companies, sectors, and potentially the broader economy. This underlines the importance of digital operational resilience within the financial sector, highlighting the need for regulations like DORA

WHO DOES IT IMPACT?

DORA is a comprehensive EU regulation aimed at enhancing IT security and operational resilience for a wide range of financial institutions, including banks and investment firms. It extends its scope to include Information and Communication Technology (ICT) third-party service providers, establishing a unified regulatory framework to mitigate risks related to ICT and improve cybersecurity

Asset Managers
Banks
Fintechs

How Can We Help?

1

Gap Analysis and Assessment

Conduct an initial gap analysis to assess the current state of IT security and operational resilience of a financial institution against the requirements of the DORA regulation.
Help identify areas of non-compliance and provide recommendations for improvement.

2

Strategic Advisory

Offer strategic advice on how to align operational resilience strategies with DORA requirements.
Guide on the allocation of resources to meet compliance deadlines and maintain ongoing compliance.

3

Policy Development and Review

Assist in developing, reviewing, and updating policies, procedures, and controls to ensure they meet DORA requirements.
Help in creating a robust Information and Communication Technology (ICT) risk management framework.

4

Training and Awareness

Develop and deliver training programs to enhance awareness and understanding of DORA requirements among staff and stakeholders.
Provide continuous education on evolving DORA requirements and other related EU regulations.

5

Implementation Support

Provide hands-on support in implementing necessary changes to achieve DORA compliance.
Offer technical and operational support in setting up ICT governance structures, incident reporting mechanisms, and other required systems and processes.

6

Third-Party Vendor Assessment:

Conduct assessments of third-party ICT service providers to ensure they comply with DORA requirements.

Help in managing the relationships and contracts with these providers to ensure ongoing compliance.

7

Technology Advisory and Implementation

Advise on the selection and implementation of technologies that can help in monitoring and managing ICT risks as per DORA guidelines.
Support the implementation of Artificial Intelligence (AI) and Machine Learning (ML) technologies in a manner compliant with DORA.

8

Monitoring and Reporting

Assist in establishing monitoring and reporting mechanisms to ensure continuous compliance with DORA requirements.
Help in preparing for audits and inspections by regulatory authorities.

9

Incident Response Planning

Help in developing and testing incident response plans to ensure they are robust and comply with DORA requirements.

10

Liaison with Regulatory Authorities

Act as a liaison between the financial institutions and regulatory authorities, assisting with reporting and ensuring that all regulatory communications are handled in a timely and compliant manner

11

Customized Solutions

Provide tailored solutions to meet the unique needs and challenges faced by different financial institutions in complying with DORA.

Want to hire 

Regulation Expert? 

Book a call with our experts