DORA: The digital operational resilience for the financial sector

Shaping Together a Resilient Digital Future

Welcome to DORA: the Digital Operational Resilience Act, designed to empower the financial sector with comprehensive guidelines and regulations to safeguard operations in the digital age.

Why DORA Matters for the Financial Sector?

DORA is a groundbreaking legislation designed to strengthen the operational resilience of financial institutions in the face of increasing digital risks. In an era where technology plays a crucial role in financial services, DORA is a forward-thinking framework that addresses operational risks, cyber threats, and disruptive incidents ensuring that your organization remains resilient and responsive to emerging menaces.

Who is affected by the new DORA regulation?

DORA addresses not only traditional financial operators, but also new players such as crypto-asset service companies, crowdfunding service providers, as well as ICT service providers. The regulation introduces a dedicated supervisory body for ICT service providers, specific authorisation/certification and reporting requirements.

Dora parva consulting services

The six pillars of DORA

#1

Governance and
internal organization

#2

Management of risk
arising from ICT

#3

ICT risk
management

#4

Incident management
and reporting

#5

Programming and execution
of resilience test

#6

Information
sharing

DORA ensures regulatory compliance, allowing you to meet your obligations while demonstrating your commitment to sound operational practices. Compliance not only builds trust with customers, investors, and regulators but also mitigates potential legal and reputational risks. With our expertise and experience, we will guide you through the intricate compliance requirements, ensuring a seamless and efficient implementation process.

Roberto Tenore – Partner | DORA group leader

Dora parva consulting services

Timeline

Dora digital operational resilience

Our specialists to guide you

We have analysed the regulation in detail, outlining the individual obligations required from financial entities to come up with a comprehensive approach on:

  • The nature of the impact (resources, systems, procedures/policies)
  • The frequency of the required activity
  • The internal functions involved (and the maturity of the expected involvement, in a RACI logic)

Our expertise

  • Knowledge of industry regulations and business processes/models to help financial entities implement the changes required by DORA
  • Deep experience on regulatory compliance projects to cope with heavy regulatory content, tight timelines and lack of technical standards
  • Strong team support including cyber-security expertise to deepen what CIOs need to put in place to be prepared for internal oversight by Risk Management and Internal Audit (as well as supervisors)

Parva consulting firm

Our team, made up of professionals with varying levels of seniority in Italy, Luxembourg and Ireland, is fully dedicated and ready to work on your operational resilience needs. With expertise and understanding of the financial industry, our team can provide you with tailor-made solutions that align with your organisational objectives.

Contact our DORA experts

Articles

DORA and contractual arrangements

Tight deadline, big challenges: DORA's contractual requirements put pressure on financial entities and providers. Uncertainties and timelines raise industry concerns. Explore the key issues and emphasizes early action for a smooth DORA compliance journey.
DORA Regulatory Implementation

DORA Regulatory Implementation Technical Standards

The DORA regulation, in force since January 16, 2023, aims to encourage financial institutions to develop measures to achieve digital operational resilience. To achieve this goal, financial institutions must comply with the regulation by January 17, 2025. In our previous article, we explored the regulatory environment around DORA and its six pillars.

DORA – Strengthening the backbone of modern financial systems

DORA intends to impose higher transparency standards on investment firms, forcing them to provide more detailed and regular disclosures to regulatory agencies and investors.

Contact our DORA experts

    Parva ESG team

    Max Renzulli

    Partner

    Milan

    Christian De Angelis

    Manager

    Milan

    Melvin Jayawardana

    Senior Manager

    Luxembourg

    Barbara Leydon

    Manager

    Dublin

    Federico Lusian

    Senior Manager

    Milan

    Contact our ESG experts

    Parva SpA P.Iva e C.F. 04747210963

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