EU Digital Operational Resilience Act (DORA)
The European Union (EU) takes steps to stabilize the financial system
What is the EU Digital Operational Resilience Act (DORA)?
The Digital Operational Resilience Act (DORA) introduces EU-wide laws to ensure the operational resilience of the financial services industry. The proposal (approved in 2022; enforcement 2023/2024) builds on existing Information and Communications Technology (ICT) risk management requirements established by various EU institutions and combines recent EU initiatives into a single regulation.
DORA includes a broad range of obligations contained within five overarching pillars:
- ICT Risk Management
- Incident Reporting
- Digital Operational Resilience Testing
- Information and Intelligence Sharing
- ICT Third-Party Risk Management
DORA’s scope is sufficiently wide to capture all financial entities – from electronic money institutions to securitization repositories – but it will also apply to third-party IT service providers.
At a Glance | |
| Standard | EU Digital Operational Resilience Act |
| Region | Europe |
| Released | 2022 |
| SAI360 Solution | Governance, Risk, Compliance |
Why is DORA Compliance Important?
There is an absence of detailed and comprehensive rules on digital operational resilience in the EU. Legislation implemented after the 2008 financial crisis failed to fully address digital operational resilience. DORA is designed to fill this gap.
DORA encourages robust, uniform, and comprehensive risk mitigation measures, as well as provides oversight activities and penalties for noncompliance. The meteoric growth in digital risk makes compliance with DORA a business necessity. The comprehensive nature of DORA fits well with broad-based technology solutions that offer governance, risk management and compliance. Solutions that can plus up DORA compliance with additional digital operational resilience capabilities like business continuity offer an ideal fit.
How SAI360 Supports DORA Compliance
Our cloud-based software equips users to manage compliance with regulations like DORA, as well as standards, and frameworks. Regulatory compliance is part of SAI360’s operational resilience solution that also includes enterprise and operational risk, IT risk and cybersecurity, third-party/vendor risk and business continuity management.
SAI360 enables proactive management and mitigation of ICT-related risks with a data-led approach. Users can ingest and analyze data across the organization to create a 360-degree view of risk that is dynamic, comprehensive and accurate. In the event of an incident, SAI360 offers an end-to-end process for incident management, from meeting DORA reporting requirements and mitigating the severity and duration of downtime to root cause analysis to prevent similar incidents in the future.
For DORA compliance, SAI360 enables your organization to:
- Streamline compliance with requirements
- Develop a proactive compliance posture
- Avoid unnecessary oversight, engagement and penalties
If your organization is concerned about compliance with DORA, look to SAI360 for a regulatory compliance solution that can expand into enterprise and operational risk management, third-party/vendor risk management, resilience, wherever your financial institution needs to go for sound governance.
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