What challenges do financial institutions face in achieving compliance?

As the financial landscape becomes increasingly digitized, the implications of operational resilience for financial institutions are profound and urgent. The Digital Operational Resilience Act (DORA) is no longer a distant regulatory ambition; it is a pressing reality with a compliance deadline of January 17, 2025. Financial institutions that fail to align swiftly risk not only non-compliance penalties but also reputational damage and systemic vulnerabilities. DORA represents a fundamental shift in how financial institutions manage digital risks.

DORA is the new normal. Institutions that embrace this regulation, innovate in ICT risk management, and proactively address resilience testing and third-party risks will thrive in this new paradigm. Those that hesitate will find it increasingly difficult to keep pace with the evolving market and regulatory landscape.

Read our full article “Ready for DORA? Everything you need to know” here.

The Report: Get Ready for DORA

This report offers a practical guide for financial institutions navigating DORA’s requirements. Grounded in RSM’s expertise, it breaks down the regulation into actionable steps that institutions can take to enhance their digital operational resilience. Beyond compliance, DORA offers a roadmap for strengthening cybersecurity frameworks and fostering long-term stability.

Key areas covered include:

  • ICT Risk Management: Establishing governance structures, identifying risks, and implementing mitigation protocols.
  • Incident Management: Developing comprehensive frameworks for detecting, managing, and recovering from ICT-related incidents.
  • Third-Party Risk Management: Assessing and managing risks from external service providers critical to operations.
  • Operational Resilience Testing: Implementing regular, risk-based testing to ensure preparedness for digital disruptions.

DORA’s scope is comprehensive, applying to financial institutions and critical ICT service providers alike. It aims to establish a secure financial ecosystem, capable of withstanding digital risks. This report provides financial institutions with the tools and insights needed to not only comply but also leverage DORA to build a stronger, more resilient future.

In Conclusion:

The report answers the question: How can financial institutions implement DORA’s principles to achieve compliance while strengthening operational resilience? By adopting DORA as a strategic framework, institutions can not only meet regulatory requirements but also secure their position in an increasingly complex digital financial ecosystem.