DORA compliance made easy with Corporate Governance Tools
Anticipating the impact of DORA on the digitization of operations and the potential sanctions that may result. Contact us!
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Digital Operational Resilience Act (DORA)
DORA addresses the entire lifecycle of digital risk management, encompassing prevention, detection, response, and recovery, aiming to build a resilient approach to digital risk.
The Digital Operational Resilience Act (DORA), introduced by the EU, ensures the financial sector stays resilient against rising digital threats. It establishes clear, unified guidelines for financial institutions and their ICT service providers to manage and mitigate security risks, safeguarding the financial ecosystem’s stability.
How to Prepare for DORA Compliance
The Digital Operational Resilience Act (DORA) sets compliance standards for European financial entities, including banks, insurers, and ICT providers. Non-European firms serving these entities may also need to align with DORA to sustain their partnerships. In this context Legal departments are crucial to ensure DORA compliance, bridging regulatory needs with organizational execution. Some key areas of focus include maintaining, establishing and keeping:
IDENTIFY ICT PROVIDERS & KEY FUNCTIONS
Fill out registers in minutes
With our AI-powered extraction of your contractual data
Identifying ICT service providers performing critical or important functions in your ecosystem is a key pillar towards DORA compliance. A Contract Lifecycle Management (CLM) tool will speed-up this process—especially when enhanced by AI-powered features.
How:
- Advanced Search Capabilities: Use the platform’s search engine to identify contracts with specific clauses, such as audit rights or ICT service provider agreements, which are essential under DORA.
- Build reports: Create filters to isolate relevant agreements, like software licenses or SaaS contracts. Refine searches by adding parameters to locate subcontractor-related clauses.
- AI-Powered Clause Extraction: Even if clauses aren’t pre-tagged, AI can identify relevant terms, such as those tied to country-specific regulations. Capture all DORA-required data, including discovery dates, affected institutions, and incident categorizations (major vs. minor).
Generate a list of ICT providers, analyze their compliance clauses, and export this data for further review in minutes. AI-enabled clause libraries can store all DORA relevant contract terms and ensure accuracy and easy access when dealing with third-party requirements.
Incident Report GENERATION & Effective CommunicaTION with Relevant Parties
Visualize decision chains, delegations, and affiliations
Across all companies in your group
DORA mandates timely reporting of ICT-related incidents, no matter what their size is. Reports must be detailed, covering root causes, affected systems, and involved parties. An Entity Legal Management (ELM) platform simplifies incident tracking and ensures effective communication with stakeholders.
How:
- Customizable Boards: Use tailored dashboards to track, document, and manage ICT incidents. For example, if a cloud provider suffers a breach, input detailed descriptions such as affected systems, root causes, and parties involved.
- Regulatory-Ready Fields: Capture all DORA-required data, including discovery dates, affected institutions, and incident categorizations (major vs. minor).
- Activity Feed: Maintain a real-time activity log to monitor incident progress, document actions, and streamline updates to stakeholders and regulators.
- Integrated Reports: Generate comprehensive incident reports that are easy to share with regulatory bodies or internal committees.
An ELM tool ensures transparency and facilitates communication, offering real-time updates while supporting regulatory compliance.
Maintaining Strong Governance Processes
Digitize and track all board actions and decisions seamlessly
Governance is key to DORA compliance, requiring formal oversight structures and clear communication. Board members and CxOs play critical roles, making effective communication and task tracking essential. A robust Board Portal tool can monitor DORA-related activities and ensure a clear audit trail.
How:
- DORA focused Committees: Create DORA-specific committees with predefined templates for agendas, attendance tracking, and decision logs, that respond specifically to those regulatory requirements.
- Incident Review and Decision Tracking: Present incident updates, review key reports, and document decisions taken by committees.
- Synchronization with the Board: Ensure alignment between DORA committees and board-level discussions by linking decisions and agendas.
- Minutes and Action Plans: Record meeting minutes, decisions, and assigned tasks, storing them for future reference to keep track of pending actions or upcoming changes related to DORA.
A centralized platform enhances governance by improving transparency, reducing administrative burdens, and keeping all stakeholders engaged and accountable.
Ready for DORA?
DiliTrust Governance suite provides the support teams need to meet compliance requirements effectively. Discover how our solutions can ease your operations, book a demo with us today!
