The DORA (Digital Operational Resilience Act) is a European Union regulation designed to improve the digital operational resilience of financial institutions across the EU. Its primary focus is on ensuring that financial entities, such as banks, insurance companies, and investment firms, are prepared for and can effectively recover from digital disruptions, including cyberattacks and technology failures. DORA sets out comprehensive requirements for managing ICT (information and communications technology) risks, including the need for financial institutions to establish risk management frameworks and conduct regular risk assessments. The regulation also mandates robust incident reporting procedures, requiring organizations to report significant ICT-related incidents within strict timelines.

A key element of DORA is its focus on third-party risk management, ensuring that financial entities are able to manage risks associated with their external service providers, such as cloud services or software vendors. It also emphasizes the importance of testing the resilience of digital systems, including regular stress tests and scenario planning for potential disruptions. In addition, financial entities are required to have contingency plans in place to ensure business continuity and minimize the impact of ICT failures on operations. Ultimately, DORA aims to create a unified, EU-wide approach to enhancing the security and stability of the financial sector’s digital infrastructure, reducing systemic risks across the industry.

Our services related to DORA compliance:

DEVELOPMENT AND CUSTOMIZATION OF ICT RISK MANAGEMENT AND FRAMEWORK

• • Develop a strategy for digital resilience
  • Governance – Integration of IT security requirements within the organization
  • Development of risk management methodology and risk management plan
  • Development of internal and external procedures and regulations

TEST RESISTANCE DUE TO DIGITAL OPERATION

• • Define test strategy and scenarios
  • Development of test methodologies and procedures (BCP-DRP)
  • Preparation of test plans, determination of scope
  • Coordination of the testing process
  • Development of test report structures
  • Provide guidance for digital reporting to authorities

ESTABLISH CONDITIONS FOR MONITORING THIRD-PARTY ICT RISKS

• • Development/ revision of ICT risk strategy and regulations
  • Integration of third-party ICT risk procedures into the corporation’s risk management framework
  • Assessment of compliance and third-party contracts
  • Define exit strategy and transition plan

SUPPORT THE REVISION OF THE ICT FRAMEWORK AND EVENT MANAGEMENT

• • Identification of the incidents, follow up and manage the results obtained, log analysis and support the incident management process
  • Preparation of the plan review
  • Coordination of revision process
  • Record and evaluate the results obtained
  • Identification of preventive and corrective measures