Digital Operational Resilience Act (DORA) Readiness Assessment
As the deadline for adhering to the EU's Digital Operational Resilience Act (DORA) approaches on 17 January 2025, financial institutions and service providers across the industry are feeling increased pressure.
Below we'll explore the steps you can take to meet DORA requirements.
DORA Readiness Step-by-Step
Step 1
Are you in scope?
Determine whether your organizations - or any of your 3rd party vendors - are subject to DORA.
Remember:
- Not all organizations or vendors are impacted by DORA
- The benefits of DORA are immense for those meeting the requirements
- A partner can help you assess quickly
Step 2
Readiness Assessment
Develop a clear understanding of what steps will need to be taken to meet DORA requirements.
Remember:
- A platform, like Vanta, is designed to drive this process
- Readiness Assessment will inform the level of effort required
- Building your Readiness Assessment in Vanta will expedite execution to DORA
Step 3
Assign Resources
This step involves a calculation of the time, resources, & skills required to meet DORA requirements.
Remember:
- A partner can fill these holes without requiring internal hiring
- Managing resources via Vanta will provide clear visibility into objectives & their completion
- A partner will prioritize the objectives to ensure success
Step 4
Implement & Future Proof
Create an effective framework for DORA governance & compliance. Develop comprehensive ISCs & testing processes.
Remember:
- Compliance is an ongoing challenge - all processes & evidence must be documented & available
- Vanta will enable documentation & storage
- Clear communication & tasks are key to moving through the process effeciently
Step 5
Seamless Reporting & Audit-Ready
Put your processes in an auditable environment to present evidence & demonstrate compliance at any time.
Remember:
- This is exactly what Vanta solves for
- A partner can set up & maintain this to keep you compliant
- Save time & money by outsourcing this process
SOC2 Fast Supported Frameworks
SOC2 Fast offers services around the full-stack of frameworks. Learn more about the timelines supported.
Why is DORA important?
Financial service providers face significant risks.
DORA seeks to enhance cyber resilience through two main strategies:
- Manage ICT risks for financial institutions comprehensively
- Unify risk management regulations into a single, cohesive framework
Previously, EU regulations primarily concentrated on ensuring that financial firms maintained sufficient capital to address operational risks and disruptions. Some regulators issued guidelines on ICT risk management, but these were not uniformly applied to all entities. Additionally, they were based on general best practices rather than specific technical standards.
In the absence of a unified oversight framework, each EU Member State established its own requirements. This resulted in a complex web of disjointed regulations that cross-border enterprises found difficult to navigate.
DORA addresses this issue by implementing a single set of rules for all covered entities, regardless of their location within the EU. By standardizing risk management in the financial sector, DORA reduces confusion and elevates the standards for ICT security and business continuity.
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