Digital Operational Resilience Regulation (DORA)
The Digital Operational Resilience Regulation (DORA), No. 2022/2554 of the European Parliament and of the Council, of December 14, 2022, establishes a framework for strengthening operational resilience in the financial sector. This regulation aims to ensure that the critical functions of financial institutions are robust, thus protecting customers' interests and guaranteeing business continuity, even in the face of digital challenges.
Proactively adopting DORA allows organizations to improve their cybersecurity structure, enhance their incident response capabilities and align with regulatory requirements.
Main objectives:
- Strengthening Cybersecurity Measures: Implement advanced protection measures against cyber threats, safeguarding customer data, financial transactions and critical infrastructure.
- Operational Risk Assessment: Conduct a comprehensive analysis of operational risks, identifying potential vulnerabilities and developing effective strategies to mitigate them.
- Incident Response and Recovery Planning: Create and test robust incident response plans, minimizing downtime in the event of cyber attacks or operational disruptions.
- Regulatory Compliance: Ensure that the organization complies with DORA, demonstrating its commitment to regulatory requirements and industry best practices.
Main Pillars of DORA:
- Risk Assessment and Management: DORA emphasizes the importance of regular risk assessments and the implementation of mitigation strategies. This involves identifying, assessing and mitigating risks associated with the use of digital technologies, as well as defining risk appetites and tolerances.
- Incident management: It is essential that organizations have robust plans for managing incidents, including data breaches and system failures. These plans should define clear responsibilities and procedures for reporting and escalating incidents.
- Business Continuity Plan: DORA underlines the need for continuity plans to ensure that critical functions remain operational during and after digital incidents. These plans should be tested and updated regularly.
- Disaster Recovery Plan: Organizations should have a disaster recovery plan (DRP) to restore systems and data after disruptive events. This plan should include clear objectives, responsibilities and detailed procedures.
- Compliance and Reporting: Organizations must adhere to relevant laws and regulations, with regular reporting to authorities and stakeholders on the state of operational resilience and any incidents that have occurred.
- Training and Awareness: The regulation emphasizes the importance of training programs for employees and managers, ensuring that everyone understands their responsibilities in maintaining operational resilience. This includes training on incident response and business continuity procedures.
- Governance and Oversight: DORA establishes a governance framework to ensure the effectiveness of operational resilience practices, including setting up dedicated committees and conducting regular audits.
- International Coordination: The regulation recognizes the need for international cooperation to address global risks associated with digital operations, promoting standardization and collaboration between countries.
How does Baker Tilly approach DORA?
At Baker Tilly, our consulting services are designed to guide your organization through the challenges posed by DORA. With the constant evolution of the digital environment, it is essential to have a solid operational resilience strategy, and we are here to support you every step of the way.
Our Experience:
- Regulatory Compliance: Navigating DORA's requirements demands a deep understanding of regulations. Our team of experts is prepared to help your organization not only comply but exceed compliance expectations, building a solid foundation for operational resilience.
- Risk Assessment and Mitigation: Identifying and mitigating risks are fundamental to operational resilience. We conduct detailed risk assessments, identifying vulnerabilities and developing robust strategies to strengthen your digital infrastructure.
- Technology Integration and Optimization: Integrating the latest technologies is crucial for enhancing operational resilience. We help incorporate these technologies seamlessly into your existing systems, ensuring a smooth transition and optimized digital operations.
- Capacity Building and Training: Empowering your team to meet DORA's requirements is essential. We offer customized training programs to educate and prepare your workforce, creating a culture of awareness and resilience within the organization.
- Incident Response Planning: While no system is immune to incidents, a well-prepared response can be decisive. We work together with your team to develop effective response plans, minimizing the impact of disruptions on operations.
Why choose Baker Tilly?
- Experienced Professionals: Our team consists of experts with extensive experience in regulatory compliance, technological risk management, and technology integration.
- Client Focus: We understand that each organization is unique. We tailor our consulting services to the specific needs and challenges of your business, ensuring a personalized and effective solution.
- Continuous Support: Operational resilience is an ongoing journey. We offer continuous support to keep you updated on regulatory and technological changes, adjusting strategies as needed to ensure maximum resilience.