DORA: Digital Operational Resilience Act
The Digital Operational Resilience Act (DORA) strengthens the IT security of financial institutions.
DORA
The Digital Operational Resilience Act (DORA) strengthens the IT security of financial institutions – including banks, insurance companies and investment firms – by ensuring that Europe’s financial sector remains resilient in the event of severe operational disruptions. Coming into force on 17 January 2025, DORA establishes a mandatory framework for ICT risk management. It creates common standards that financial institutions in all EU member states must meet to ensure business continuity and security.
ICT risk management
the heart of DORA
ICT risk management can be seen as the ‘heart’ of DORA. The other four themes set out various requirements and processes to mitigate operational resilience risks. For example, testing requirements, managing third party risks and responding appropriately to ICT incidents.
Our approach to DORA compliance
With January 17, 2025—the deadline for full DORA compliance—rapidly approaching, many organisations are struggling to meet the requirements. At Projective Group, our risk and compliance specialists, combined with our IT and project management expertise, offer a unique, multidisciplinary approach to help you navigate the challenges of DORA compliance.
We provide support in the following areas:
Third-party management
We assist in enhancing third-party management strategies, updating contract clauses (including complex intra-group arrangements), and developing a comprehensive third-party risk register. Regulatory authorities are expected to require this register shortly after the January 2025 deadline.
Incident management
DORA’s incident reporting requirements are stringent, with a 4-hour deadline to notify regulators of major incidents. We guide you through the classification, reporting, and management of incidents to ensure compliance.
Frameworks and policies
Utilising our proven gap analysis frameworks, ICT risk management models and policy templates, we accelerate your compliance efforts while strengthening overall digital resilience.
Remediation
If your organisation has historically lacked focus on IT risk and control, we offer remediation services to get you back on track and aligned with DORA requirements.
Embedding a unified European model
For organisations needing to comply with both UK PRA and DORA, we conduct a comprehensive gap analysis and adjust policies to ensure seamless compliance with both frameworks.
Continuous improvement
Given the extensive scope of IT resilience, we assist in establishing ongoing improvement processes to maintain robust IT risk management and controls.
Why
Projective Group?
- Multidisciplinary expertise: Our team’s blend of risk and compliance knowledge, combined with IT and project management capabilities, offers the holistic approach required to meet DORA’s complex demands.
- Proven insights: With hands-on experience managing DORA compliance projects for over 50 clients, we bring practical insights and efficiencies that streamline your compliance process.
- Advanced tools for efficiency: Our regulatory change tool, Ruler, accelerates DORA compliance assessments by providing comprehensive regulatory oversight and maintaining a transparent audit trail throughout implementation.
By leveraging our deep expertise and practical tools, we ensure your organisation not only meets the DORA deadline but also builds a foundation for long-term digital resilience.
DORA related trainings
Through our training institute, The Ministry of Compliance, we offer practical training to enhance your organisation’s digital resilience:
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