The digital landscape has become integral to every aspect of our lives, from personal communication to business operations. However, with the benefits of technology come new challenges and risks, especially in the financial sector.
Cyber security threats, IT failures, and other operational disruptions can have severe consequences, from reputational damage to financial loss. The European Union (EU) has introduced the Digital Operational Resilience Act (DORA) to address these challenges.
“Organisations that prioritise and implement digital operational resilience effectively will have a measurable and systematic method to identify and protect against threats and maintain continuity in the face of disruption. Let’s work towards building a secure and resilient digital infrastructure, for a sustainable future.”– Lee Bristow, Chief Technology Officer at Phinity Risk Solutions
What is the DORA regulation?
DORA is a Regulation, not a Directive, so it is binding and directly applicable in all European Union (EU) Member States. Financial entities in the EU and their critical ICT providers must be ready to comply with the DORA regulation by January 17th, 2025.
The DORA regulation aims to strengthen the financial sector’s resilience to digital operational risks. It outlines a comprehensive set of rules for financial institutions. These institutions include:
- Investment firms.
- Payment service providers.
- Insurance companies.
- Financial platforms.
The DORA regulation covers various topics. These topics include the following:
- Cyber risk management.
- IT outsourcing.
- Incident reporting.
- Testing and assurance.
How can Phinity Risk Solutions help you comply with the DORA regulation?
Phinity Risk Solutions is a leading provider of risk and compliance solutions for the financial sector. We offer a range of services and tools that can help your organisation meet the requirements of DORA and guarantee your operational resilience.
Risk Assessment and Management
Our comprehensive risk assessment and management solution enables you to easily identify and manage operational risks, a key element in complying with the DORA regulation.
Our Platform uses advanced risk assessment methodologies and workflows to support identifying, evaluating and prioritising risks. It also supports you in developing effective risk management strategies that mitigate these risks through risk treatment processes.
Phinity Risk Solutions’ incident management solutions can enable your organisation to manage, respond, and recover from operational disruptions. Our solutions include the following:
- Incident management planning.
- Simulation and testing.
- Post-incident analysis and reporting.
With our compliance monitoring services, you can seamlessly monitor and manage your company’s compliance to ensure compliance with the DORA regulation. Our compliance monitoring is an end-to-end solution that identifies control gaps, remediation workflows, and compliance reporting.
IT Third Party Risk Management
Phinity Risk Solutions’ Third Party Risk Management solutions allow you to effectively manage risks associated with outsourcing your IT operations.
Our Platform offers a single pane of glass to guarantee all third parties are risk profiled, the proper controls assessments are triggered, and contract management and reviews are actioned. Rest assured that our ongoing monitoring and reporting also support continuous compliance, a significant advantage when you must comply with the DORA regulation.
Meet the requirements of the DORA regulation with the Phinity Platform
The DORA regulation is critical in strengthening the financial sector’s resilience to digital operational risks. To comply with DORA, you must adopt a holistic approach to risk management and compliance.