DORA: The guide to digital operational resilience in the financial sector
The Digital Operational Resilience Act (DORA) marks a turning point in the regulation of cyber security and IT risks in the European financial sector. As a highly specialised boutique consultancy for IT regulation and IT project management, FinIT Consult sees DORA as a significant opportunity for financial institutions to strengthen their digital resilience and prepare for the challenges of the future.
What is DORA?
DORA is an EU regulation that came into force on 16 January 2023. Its aim is to create a standardised framework for the management of cybersecurity and ICT risks in the financial sector. The regulation applies to a wide range of financial institutions, including banks, investment firms, payment service providers and, for the first time, providers of crypto services and third-party ICT providers.
The five pillars of DORA
1. ICT risk management
2. reporting of ICT-related incidents
3. tests of digital operational resilience
4. management of ICT third-party risks
5. exchange of information
Effects and challenges
The implementation of DORA poses considerable challenges for many financial institutions. Depending on the current state of operational resilience, the implementation effort can be considerable. In particular, companies that were previously less heavily regulated may have to make extensive adjustments to their systems and processes.
How FinIT Consult can support you
As experts in IT regulation and project management in the financial sector, FinIT Consult offers customised support in the implementation of DORA:
1. gap analysis and roadmap development**: We analyse your existing systems and processes and develop a detailed roadmap for DORA compliance.
2. implementation support**: Our experienced project managers support you in the efficient implementation of the necessary measures.
3. ICT risk management optimisation**: We help you to adapt your risk management processes to the DORA requirements.
4. training and knowledge transfer**: We ensure that your employees are fit for the new requirements.
5. audits and quality assurance**: We review the effectiveness of your implemented measures and provide support for continuous improvements.
Conclusion
DORA is more than just another regulatory requirement - it is an opportunity to strengthen your company's digital resilience in the long term. FinIT Consult is at your side as an experienced partner to turn this challenge into a competitive advantage. Let us develop and implement your DORA strategy together to equip your company for the digital future.
Contact us today to find out how we can help you implement DORA.
