DORA Regulation 2022: 4 Steps to Strengthening Operational Resilience in the Digital Age

DORA Regulation 2022: 4 Steps to Strengthening Operational Resilience in the Digital Age

In today’s interconnected world, operational resilience is crucial for financial services organizations. The digital landscape brings both opportunities and risks and firms must be equipped to navigate the challenges that arise. The Digital Operational Resilience Act (DORA) Regulation 2022 is a game-changer, designed to enhance operational resilience within the financial sector.

In this blog post, we will explore how Acuity Risk Management’s STREAM Integrated Risk Management platform can help financial services firms comply with the DORA Regulation and bolster their operational resilience capabilities.

  1. Incident Management: STREAM’s integrated incident management use case facilitates the efficient capture, tracking, and investigation of operational incidents. This helps firms establish a robust incident response and recovery process, demonstrate their commitment to operational resilience and meet DORA’s incident management requirements.
  2. Mapping Critical Business Services: STREAM provides a centralised repository where firms can identify and map their critical business services, dependencies, and interconnections. This helps firms gain a clear understanding of their operational landscape, prioritize resilience efforts and allocate resources to mitigate risks.
  3. Streamlined Reporting and Notifications: STREAM’s reporting and analytics capabilities enable firms to generate comprehensive reports and dashboards, providing real-time visibility into their operational resilience posture. Firms can easily track key performance indicators, incidents and recovery activities, ensuring they meet the reporting and notification requirements of the DORA Regulation.
  4. Third-Party Risk Management (TPRM): STREAM’s dedicated TPRM use case empowers firms to assess, monitor, and manage their third-party relationships. It offers a centralised repository for storing third-party information and compliance requirements, helping firms evaluate third-party operational resilience and ensuring alignment with regulatory expectations.

Understanding the DORA Regulation

The DORA Regulation, adopted by the European Parliament in November 2022, is a comprehensive framework that aims to strengthen operational resilience in the financial services industry. It sets out specific requirements and obligations for firms, focusing on areas such as governance, critical business services, cybersecurity, third-party risk management and reporting. Compliance with DORA is vital for firms to protect critical business services, maintain customer trust, and meet regulatory expectations.

How STREAM Integrated Risk Manager Can Help

Acuity Risk Management’s STREAM platform is a powerful tool that aligns with the requirements of DORA. Let’s explore some of its key features and how they can assist financial services firms in their compliance journey, in 4 smooth steps:

Complying with DORA and strengthening operational resilience is a priority for financial services firms. Acuity Risk Management’s STREAM platform offers a comprehensive solution to meet the requirements of DORA. By leveraging STREAM’s capabilities firms can navigate the complexities of the regulation, streamline compliance effort and enhance their operational resilience.

With Acuity and STREAM, financial services firms can confidently embrace DORA and fortify their operational resilience to thrive in today’s rapidly evolving digital risk landscape.

To go into more depth about DORA and how to improve operational resilience in the financial industry, download our latest whitepaper.