This article examines the key challenges firms have encountered in their DORA compliance journeys and explores some of the practical solutions.
Critical third parties
Proposals reflect established international approaches to operational resilience and will be familiar to Authorized Firms that are already subject to regimes in the UK and EU.
Regulator says new rules will make existing incident and third-party reporting clearer, more consistent, and easier for firms to follow.
Many global organizations have learned that without appropriate oversight, third parties can become liabilities. Max Veve says DORA is the stand out regulation.
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European supervisors carried out a systematic assessment of the importance of each service provider to the financial sector, before deciding on designation.
Comprehensive register of key documents is relevant to all organizations running digital systems and needing to ensure their security.
The regulator continues to be concerned about outsourcing dependency and concentration risk and wants to obtain clarity on technology interconnectedness in the financial sector.