target audience: TECH BUYER Publication date: Mar 2024 - Document type: Tech Buyer Presentation - Doc Document number: # US51442024
EU Digital Operational Resilience Act: DORA Countdown has Started, Are You Ready?
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Abstract
This IDC Tech Buyer presentation looks at the how the banks will leverage the next few months to get ready for the EU Digital Operational Resilience Act (DORA), which entered into force in January 2023 and will apply starting January 17, 2025. Are financial entities and their ICT partners ready to comply with its upcoming regulatory requirements? How can financial entities improve their digital operational resilience posture?
Banks are leveraging ecosystem collaboration to meet customer expectations and to provide real-time services ubiquitously. This digital transformation led to a highly interconnected and interdependent ecosystem, which in turn led to a major systemic risk. Under DORA, banks must address the risk associated with operating in a digitally augmented space, enhancing their ICT capabilities to mitigate the systemic risk and strengthen their governance and control measures. EU regulators have encompassed ICT third parties in the regulatory scope, bringing ICT providers under the direct oversight of one of the European Supervisory Authorities.
Digital operational resilience is not only an IT matter since it requires the involvement of several persons across the organization. DORA is not only an EU matter; similar legislations for sound operational risk management are proliferating across jurisdictions. DORA is here to stay and will be encompassed in future regulatory frameworks such as PSD3.