{"id":50,"date":"2023-08-16T04:57:00","date_gmt":"2023-08-16T04:57:00","guid":{"rendered":"https:\/\/grandconference.themegoods.com\/v5\/?p=50"},"modified":"2025-10-31T12:08:43","modified_gmt":"2025-10-31T12:08:43","slug":"ensuring-digital-resilience-how-to-prepare-for-dora-regulations","status":"publish","type":"post","link":"https:\/\/fintech.global\/globalregtechsummit\/ensuring-digital-resilience-how-to-prepare-for-dora-regulations\/","title":{"rendered":"Ensuring Digital Resilience: How To Prepare For Dora Regulations"},"content":{"rendered":"<p><strong>The Digital Operational Resilience Act (DORA), which took effect on January 16, 2023, is a crucial piece of legislation designed to bolster the digital resilience of the financial sector.<\/strong><\/p>\n<p><a href=\"https:\/\/www.corlytics.com\/\">Corlytics<\/a>, which offers a risk-based approach to regulatory compliance,\u00a0<a href=\"https:\/\/www.corlytics.com\/blog\/digital-operational-resilience-act-dora-compliance-checklist\/\">recently offered a guide to DORA<\/a>.<\/p>\n<p>With a full enforcement date slated for January 17, 2025, DORA provides a 24-month preparation period. It broadly targets various financial services entities, including banks, pension funds, insurance companies, payment institutions, and investment firms. The Act also extends its reach to third-party ICT service providers, such as cloud services and data centres, ensuring that the financial ecosystem is fortified against digital disruptions and cybersecurity threats.<\/p>\n<h4>DORA Compliance Checklist<\/h4>\n<ul>\n<li>Understanding and Awareness<\/li>\n<\/ul>\n<p>Financial entities are urged to familiarize themselves with DORA\u2019s text and stay abreast of updates from regulatory bodies, distributing pertinent information to stakeholders.<\/p>\n<ul>\n<li>Assessment and Gap Analysis<\/li>\n<\/ul>\n<p>An in-depth review of existing digital resilience capabilities should be conducted alongside a gap analysis to pinpoint any shortfalls. It\u2019s also vital to evaluate ICT-related risks, including those posed by third-party providers.<\/p>\n<ul>\n<li>ICT Risk Management Framework<\/li>\n<\/ul>\n<p>Organizations should develop a detailed ICT risk management framework that encompasses risk identification, assessment, mitigation, and monitoring, with clearly defined roles and responsibilities.<\/p>\n<ul>\n<li>Incident Reporting Procedures<\/li>\n<\/ul>\n<p>Procedures for identifying and reporting ICT-related incidents must be established, adhering to the specific timelines and requirements set by DORA, including a comprehensive system for incident documentation and management.<\/p>\n<ul>\n<li>Operational Resilience Testing<\/li>\n<\/ul>\n<p>Regular testing schedules for vulnerability assessments, penetration testing, and continuity exercises should be implemented, ensuring all critical ICT systems are covered.<\/p>\n<ul>\n<li>Third-Party Risk Management<\/li>\n<\/ul>\n<p>Reviewing and reinforcing agreements with third-party providers is essential to ensure compliance with DORA, coupled with a robust system for monitoring and assessing third-party risks.<\/p>\n<ul>\n<li>Information Sharing<\/li>\n<\/ul>\n<p>Participation in industry information-sharing initiatives is encouraged, along with establishing internal processes for the dissemination of information regarding cyber threats.<\/p>\n<ul>\n<li>Policy and Procedure Development<\/li>\n<\/ul>\n<p>Update existing or develop new policies to align with DORA\u2019s requirements, ensuring comprehensive coverage of digital resilience aspects and widespread policy awareness among staff.<\/p>\n<ul>\n<li>DORA Training and Education<\/li>\n<\/ul>\n<p>Training programs should be established to educate employees about DORA requirements, including regular updates and integrating DORA compliance into new employee onboarding.<\/p>\n<ul>\n<li>Governance and Oversight<\/li>\n<\/ul>\n<p>A governance framework should be established to monitor DORA compliance, with clearly assigned responsibilities and accountability at all levels.<\/p>\n<ul>\n<li>Monitoring and Review<\/li>\n<\/ul>\n<p>Regular audits of the digital operational resilience framework are crucial, with continuous improvement based on audit findings and evolving regulatory demands.<\/p>\n<ul>\n<li>Engagement with Regulators<\/li>\n<\/ul>\n<p>Maintaining open communication with regulatory bodies and collaborating with industry peers is critical to gaining insights and staying compliant with DORA.<\/p>\n<p>Read the full guide\u00a0<a href=\"https:\/\/www.corlytics.com\/blog\/digital-operational-resilience-act-dora-compliance-checklist\/\">here<\/a>.<\/p>\n<p>Keep up with all the latest FinTech news<a href=\"https:\/\/fintech.global\/category\/fintech-news\/\" target=\"_new\" rel=\"noreferrer noopener\">\u00a0here<\/a><\/p>\n<p>Copyright \u00a9 2024 FinTech Global<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Digital Operational Resilience Act (DORA), which took effect on January 16, 2023, is a crucial piece of legislation designed to bolster the digital resilience of the financial sector. Corlytics, which offers a risk-based approach to regulatory compliance,\u00a0recently offered a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4478,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[19,20,21],"class_list":["post-50","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-entrepreneur","tag-freelance","tag-technology"],"_links":{"self":[{"href":"https:\/\/fintech.global\/globalregtechsummit\/wp-json\/wp\/v2\/posts\/50","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fintech.global\/globalregtechsummit\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fintech.global\/globalregtechsummit\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fintech.global\/globalregtechsummit\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/fintech.global\/globalregtechsummit\/wp-json\/wp\/v2\/comments?post=50"}],"version-history":[{"count":1,"href":"https:\/\/fintech.global\/globalregtechsummit\/wp-json\/wp\/v2\/posts\/50\/revisions"}],"predecessor-version":[{"id":3126,"href":"https:\/\/fintech.global\/globalregtechsummit\/wp-json\/wp\/v2\/posts\/50\/revisions\/3126"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fintech.global\/globalregtechsummit\/wp-json\/wp\/v2\/media\/4478"}],"wp:attachment":[{"href":"https:\/\/fintech.global\/globalregtechsummit\/wp-json\/wp\/v2\/media?parent=50"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fintech.global\/globalregtechsummit\/wp-json\/wp\/v2\/categories?post=50"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fintech.global\/globalregtechsummit\/wp-json\/wp\/v2\/tags?post=50"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}