In our previous article, DORA Impact on Financial Firms: Navigating the Compliance Landscape, we explored the significant changes and challenges that the Digital Operational Resilience Act (DORA) brings to the financial sector.
With the 17 January 2025 deadline fast approaching, financial institutions across the EU are racing against time to meet the stringent requirements of the Digital Operational Resilience Act (DORA). As you navigate this regulatory landscape, the crucial question remains: how close are you to compliance?
Understanding your current position:
Before delving into the specific steps towards compliance, it’s essential to conduct a comprehensive assessment of your current operational resilience framework. Many firms may already meet some of DORA’s requirements through existing EU resilience and cybersecurity regulations. However, DORA raises the bar with more detailed provisions, particularly in managing critical third-party providers and implementing robust resilience testing.
Key compliance areas: Assessing your readiness
1. ICT Risk Management: Have you established a comprehensive framework that covers identification, protection, detection, response, and recovery of ICT-related risk?
2. ICT-related Incident Management, Classification & Reporting: Can your systems detect, classify, and report major ICT-related incidents within the required timeframes?
3. Digital Operational Resilience Testing: Have you implemented regular testing programs, including threat-led penetration testing for critical functions?
4. ICT Third Party Risk Management: Do you have robust processes in place to manage risks associated with ICT third-party service providers?
5. Information Sharing Arrangements: Are you prepared to participate in threat intelligence sharing arrangements with other financial entities?
If you’re uncertain about any of these areas, you’re not alone. DORA compliance is a complex undertaking that requires significant resources and expertise.
Actionable Steps for Compliance:
- Implement our Intelligent Platform (IP)to perform automated gap analyses and receive actionable insights.
- Identify areas of non-compliance and prioritise efforts to address these gaps.
- Leverageexisting compliance artefacts where applicable to meet DORA’s requirements.
Enhance Your Framework:
- Work withcross-functional teams to optimise your ICT risk management and incident handling frameworks.
- Leverage our Intelligent Platform (IP) to streamline and automate your ICT risk management
- Ensure all processes align with DORA’s stringent standards.
Strengthen Third-party Oversight:
- Review and strengthenthe management of third-party providers, especially those deemed critical by European Supervisory Authorities.
- Implementrigorous oversight and risk assessment protocols.
Implement Resilience Testing Programs:
- Design and executecomprehensive testing programs to identify and mitigate potential vulnerabilities.
- Engageaccredited third parties for threat-based penetration testing.
Prepare for Future Requirements:
- Stay informed about evolving DORA standards and technical specifications.
- Develop a proactive approach to upcoming regulatory changes.
- Utilise our Intelligent Platform (IP)’s adaptative capabilities to automatically update and align with new DORA requirements as and when they emerge.
Partnering for Success
Achieving compliance with DORA is a complex and resource-intensive endeavour. Partnering with experts can significantly streamline this process. At GenHive, we offer a suite of AI-powered solutions to help you identify compliance gaps, optimise your frameworks, and implement robust resilience testing programs. Our dedicated team of experts will guide you through every step, ensuring you meet the January 2025 deadline with confidence.
Don’t wait until it’s too late. Contact us today to take the first step towards seamless DORA compliance and secure your firm’s operational resilience.
Accelerating DORA implementation with GenHive
Recognising the challenges faced by financial firms, GenHive brings both the technological expertise and the regulatory knowledge and offers a suite of solutions, including our Intelligent Platform (IP)designed to fast-track DORA compliance and mitigate associated risks.
By adopting a holistic approach that integrates technology, processes, and people GenHive ensure effective implementation and compliance with DORA.
Why Choose GenHive?
GenHiveis your trusted partner in navigating the complex landscape of DORA compliance. Our AI-powered platform streamlines the gap analysis process, identifying areas of non-compliance and providing tailored recommendations.
Beyond streamlining your processes, GenHivecan help also with:
⬡ Expert guidance. We assemble a dedicated cross-functional project team to oversee compliance initiatives.
⬡ Leveraging legacy. We help you identify existing artefacts addressing other regulations that can be used for compliance with DORA.
⬡ Framework optimisation. We work alongside your team to enhance your ICT risk management framework to align with DORA’s stringent requirements.
⬡ Third-party risk management. We strengthen the management of third-party through risk assessments, contract renegotiations, and robust oversight mechanisms.
⬡ Implementation.We implement robust incident management processes and reporting systems, streamlining your operations.
⬡ Resilience testing. We design comprehensive digital operational resilience testing programs to identify and address potential vulnerabilities.
Failing to achieve DORA compliance can result in severe penalties. Beyond financial repercussions, non-compliance can lead to reputational damage, loss of customer trust, and increased regulatory scrutiny.
Don’t let DORA compliance deadline catch you unprepared. Delaying implementation could leave your organisation scrambling to meet compliance at the last minute, increasing both costs and risks.
In our upcoming instalment, we’ll delve deeper into the myriad advantages and cutting-edge capabilities of our Intelligent Platform (IP). We’ll explore how this innovative solution not only streamline DORA compliance but also transform it into a strategic asset for your organisation. Stay tuned to learn how this powerful tool can position your organisation at the forefront of regulatory readiness and operational excellence.
