This is the European Union: A new era in digital regulation, preparing for the challenges and opportunities ahead
Digital Operational Resilience [Act] for the financial sector or ‘DORA’ is a proposed European Parliament Act aimed at laying down uniform requirements concerning the security of network and information systems supporting the business processes of financial entities, with a view to achieving a high-level of digital operational resilience within the financial sector.
The key requirements and considerations encapsulated within DORA are:
- Governance
- ICT risk management
- ICT incident reporting
- Digital operational resilience testing
- Information sharing
To ensure consistency around the Information and Communication Technologies (ICT) risk management requirements applicable to the financial sector, the proposed regulation will cover a range of financial entities regulated at union level.
It is envisioned that such coverage will facilitate a homogenous and coherent application of all the components of the risk management on ICT-related areas while safeguarding the level playing field among financial entities in respect of their regulatory obligations on ICT risk.
A&M’s experienced professionals can support organisations through a three-step journey as they look to align against the proposed DORA requirements.
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How A&M can help?
A&M’s Financial Services experts can assist in mobilisation, implementation strategies and quality assurance for complying with the Guidelines in a manner which is proportionate for your firm.
