DORA – Digital Operational Resilience Act

Introduction

The Digital Operational Resilience Act (DORA) is a legislative initiative by the European Union designed to enhance the operational resilience of its financial sector against the full spectrum of ICT (Information and Communication Technology) risks. DORA seeks to harmonize the existing fragmented ICT risk management frameworks across EU member states, establishing a comprehensive and uniform set of rules that apply to all financial entities within the Union. Its aim is to ensure that these entities, their critical service providers, and the broader financial system can maintain uninterrupted operations in the face of ICT disruptions, thereby protecting the financial markets and consumers alike. This framework is a pivotal component of the EU’s strategy to bolster financial stability by reinforcing the digital resilience of its financial infrastructure.

What Problems Does DORA Address

DORA specifically addresses a series of critical vulnerabilities and issues within the European financial sector that stem from the increasing dependence on digital technologies and services. The framework targets several key problems:

  • Rising Cyber Threats
  • Inconsistency in ICT Risk Management
  • Operational Disruption Risks
  • Third-Party Risk

What are the Objectives of DORA

The Digital Operational Resilience Act (DORA) is established with clear, strategic objectives aimed at strengthening the digital backbone of the EU’s financial sector:

  • Enhance Operational Resilience
  • Harmonise Regulations Across the EU
  • Improve ICT Risk Management
  • Ensure Effective Oversight of Third-Party Providers

Which Companies are Effected by DORA

DORA casts a wide net over a diverse range of entities within the EU financial sector, significantly impacting how these organisations manage their digital operational resilience. Each of these organisations is required to align their ICT risk management processes with the robust requirements laid out in DORA, ensuring a resilient financial ecosystem acros

  • Banks and Credit Institutions
  • Investment Firms
  • Insurance and Reinsurance Companies
  • Insurance and Reinsurance Companies
  • Crypto-Asset Service Providers
  • Financial Market Infrastructures

How can GOLDENHORN Help You Comply with DORA

The GOLDENHORN ONERESILIENCE software suite is an integral component of the unified solution for EU DORA compliance and beyond, offering a set of core modules designed to underpin an institution’s resilience strategy. Each module addresses a specific area of operational resilience, working in concert to create a fortified and responsive system.

Resilience Strategy Management (RSM): Serves as the strategic hub, aligning the resilience program with the organisation’s broader objectives. It ensures that resilience initiatives are not only compliant with regulatory standards but also integrated with the business strategy for streamlined and effective management.

Impact Tolerance Analysis (ITA): A crucial analytical tool that enables organisations to quantify the maximum tolerable disruption they can absorb, guiding them in prioritising resources and efforts to areas of highest impact.

Resilience Risk Management (RRM): Employs a systematic approach to identify, assess, and mitigate risks that could potentially disrupt operational resilience, ensuring comprehensive risk coverage and management.

Resilience Control Management (RCM): Focuses on the establishment, implementation, and monitoring of controls designed to protect and sustain the organisation’s operational integrity.

Incident Response Management (IRM): A reactive module that coordinates the organisation’s response to incidents, minimising impact and guiding swift recovery.

Resilience Recovery and Crisis Management (RRCM): Provides a structured approach to crisis management, ensuring the organisation can recover from severe disruptions and continue to function effectively.

Resilience Improvement Management (RIM): Drives continuous improvement by capturing learnings from incidents and tests, feeding them back into the strategy for ongoing resilience enhancement.

Resilience Request Fulfilment Management (RRFF): Manages the fulfilment of requests that emerge during resilience operations, ensuring efficient and timely action on critical requirements.

Knowledge Information Base (KIB): Acts as a central repository for all resilience-related information, providing a foundation for informed decision-making and strategic planning.

These core modules form the backbone of the GOLDENHORN ONERESILIENCE suite, each designed with the flexibility to adapt to the unique requirements of the organisation, yet maintaining the robustness to meet the stringent demands of DORA. The suite not only supports compliance with current regulations but is also designed to adapt to future changes in the regulatory landscape. By implementing these modules, financial institutions can assure stakeholders of their commitment to operational resilience and their capability to protect their operational ecosystem against a variety of threats.

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