Are you ready for DORA? The Digital Operational Resilience Act (DORA) is set to revolutionise how financial institutions manage their digital operations and third-party risks. To help firms prepare, the European Supervisory Authorities (ESAs) are conducting a "dry run" in the second half of 2024, allowing you to test your compliance readiness.
What's the Dry Run About?
The dry run focuses on a critical aspect of DORA: creating and submitting a register of information on your contractual arrangements with Information and Communication Technology (ICT) third-party providers. In other words, it's a test of your ability to track and report on the critical tech services your business relies on.
Who Should Participate?
All financial entities within the scope of DORA are strongly encouraged to participate, including banks, insurance companies, investment firms, and other financial service providers.
How Will the ESAs Support You?
The ESAs are providing a range of tools and resources to help you succeed, including:
A draft data point model
CSV specifications
Detailed instructions
An Excel template
What's in It for Your Firm?
Identify Gaps: The dry run will help you pinpoint gaps or inconsistencies in your data collection and reporting processes.
Individual Feedback: You'll receive personalised feedback on your data quality and a cleaned-up version of your information register.
Industry Insights: The ESAs will publish a report summarising the general findings and host a workshop to share lessons learned.
Demonstrate Compliance: Participation shows regulators you're taking DORA seriously and proactively working towards compliance.
Learn and Improve: The feedback and workshop will offer valuable insights to refine your ICT risk management and operational resilience.
Action Steps for Your Firm
Get Started Now: Don't wait until the August 30th deadline. Use the provided resources to start gathering and preparing your information register.
Focus on Data Quality: Accurate and complete data is essential. Review your records carefully to ensure they meet the required standards.
Refine Internal Processes: Use the dry run to identify areas for improvement in your internal data management and reporting processes.
Engage with the ESAs: Take advantage of the opportunity to interact with regulators and gain valuable feedback.
#DORA: Your Path to Operational Resilience
The DORA dry run is a critical stepping stone to full compliance. By actively participating, you can ensure a smoother transition to the new regulatory framework and strengthen your resilience to digital risks.
Remember: DORA isn't just about checking boxes; it's about building a more robust and secure financial ecosystem. Take this opportunity to prepare, learn, and evolve.