Managing vendors supporting critical or important functions – from zero to full compliance with DORA
A summary of key practical steps based on the draft technical standard.
Rule Overview
Jurisdiction: European Union
Regulator: ESMA
Topic: Resilience, Business Continuity
EUR-Lex (EU) 2024/1773Complexity and risk considerations include:
Article 1 distinguishes between third-service providers located within an EU member state and those located in a third country (Art 1(c)). As well as those providers who are authorised and supervised by a competent authority in an EU member state and those that are not (Art 1(f)).
A practical way of approaching this foundational article is to:
Differentiate between third parties that are:
And two key questions to ask in connection with the location:
Managing vendors supporting critical or important functions – from zero to full compliance with DORA
A summary of key practical steps based on the draft technical standard.
Thomas Hyrkiel, Katarzyna Parchimowicz 5 min read
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