DORA compliance made easy with Corporate Governance Tools
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 assessments.
The Digital Operational Resilience Act (DORA), introduced by the EU, ensures the financial services sector stays resilient against rising digital threats. It establishes a robust regulatory framework for financial institutions and their ICT services, third-party service providers, and ICT third-party service arrangements to manage and mitigate security risks, safeguarding the financial ecosystem’s stability and enhancing operational resilience.
By the DORA compliance deadline in January 2025, all EU financial entities and financial services institutions must demonstrate a complete and comprehensive approach to risk management practices. They are required to implement robust ICT controls, conduct assessments aligned with regulatory technical standards, and report major ICT-related incidents to competent authorities across EU member states.
Following these steps and ensuring a strong framework for critical functions, entities are better equipped to handle ICT-related disruptions. DORA aims to promote consistent contractual arrangements with third-party ICT providers and foster intelligence sharing across the industry.
By strengthening the risk management frameworks, DORA helps ensure that entities operating within the European Union can withstand and recover from ICT-related incidents and cyber threats, minimizing the impact of disruptions on the wider financial services sector.
How to stay compliant
The Digital Operational Resilience Act (DORA) sets compliance standards for European financial entities, including banks, insurers, insurance companies, 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
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With our AI-powered extraction of your contractual data
Identifying critical ICT third-party providers performing 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:
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 risk requirements.
INCIDENT REPORT GENERATION & EFFECTIVE COMMUNICATION
Visualize decision chains, delegations, and affiliations
Across all companies in your group
DORA mandates timely reporting of significant ICT-related incidents, no matter their size. Reports must be detailed, covering root causes, affected ICT systems, and involved parties. An Entity Legal Management (ELM) platform simplifies incident tracking and ensures effective communication with competent authorities and stakeholders.
How:
An ELM tool ensures transparency and facilitates communication, strengthens incident management and offering real-time updates while supporting regulatory compliance.
Stay ahead by implementing a wide range of ICT risk management tools and developing a risk management framework that strengthens your defense against cyber threats and ICT disruptions. Gaining actionable insights into your digital environment is key to staying resilient.
To comply with the DORA regulation, financial entities must take proactive steps to build strong partnerships with critical third-party providers, conduct regular penetration testing, and embed monitoring, incident response, operational resilience testing, and resilience testing within a unified oversight framework. By leveraging information and communication technologies, advanced technology solutions, and promoting threat intelligence, ICT risk management, and information sharing, institutions can mitigate risks, strengthen business continuity, and enhance their ability to withstand and recover from ICT-related incidents.
DORA compliance is an ongoing commitment to operational resilience and cybersecurity excellence across the EU financial sector.
Learn more about staying compliant!
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!
