The Digital Operational Resilience Act (DORA) came into full effect on January 17, 2025, marking a significant milestone in EU financial regulation. For financial institutions across the European Union, this means a new era of digital operational resilience requirements.
What is DORA?
DORA establishes a comprehensive framework for ICT risk management in the financial sector. It aims to ensure that financial entities can withstand, respond to, and recover from ICT-related disruptions and threats.
The regulation applies to virtually all financial entities, including:
- Banks and credit institutions
- Insurance and reinsurance companies
- Investment firms
- Payment service providers
- Crypto-asset service providers
Key Requirements
1. ICT Risk Management Framework
Financial entities must establish and maintain a robust ICT risk management framework. This includes:
- Identifying and classifying ICT assets
- Assessing vulnerabilities and threats
- Implementing protective measures
- Continuous monitoring and detection
2. ICT Incident Reporting
DORA introduces mandatory incident reporting requirements. Major ICT-related incidents must be reported to competent authorities within strict timeframes.
3. Digital Operational Resilience Testing
Organizations must conduct regular testing of their ICT systems, including:
- Vulnerability assessments
- Network security assessments
- Threat-led penetration testing (for significant entities)
4. Third-Party Risk Management
Perhaps one of the most impactful requirements, DORA mandates comprehensive oversight of ICT third-party service providers. This includes:
- Due diligence before engagement
- Contractual requirements
- Ongoing monitoring
- Exit strategies
Getting Started with DORA Compliance
The path to DORA compliance requires a structured approach:
How Omnitrex Can Help
Our GRC platform is specifically designed for EU financial services compliance. With built-in DORA modules, you can:
- Track and classify all ICT assets
- Manage third-party vendor relationships
- Document and report incidents
- Maintain audit trails for regulators
Need help with DORA compliance? Contact us at info@omnitrex.eu to learn how Omnitrex can streamline your compliance journey.