DORA, introduced by the European Commission in September 2020 as part of the Digital Finance package, is more than a mere legislative framework.
It addresses the critical need for operational resilience in the financial sector in a world where digital intricacies and financial systems are interwoven as never before.
In scope entities
The DORA act focuses on regulating the entities within the European Union’s financial sector to ensure their operational resilience in the digital age. The entities in scope for DORA primarily encompass a wide array of financial institutions, such as banks, investment firms, trading venues, credit institutions, management companies and insurance undertakings. DORA extends its reach to entities that rely heavily on information technology services, including cloud providers and third-party service providers that are integral to the functioning of financial services.
Risk based approach: The foundation of resilience
One size does not fit all. The traditional and systematic approach often struggles to adapt to changing business environments and evolving regulatory landscape. We recommend that you cultivate a risk culture and implement a risk-based approach to DORA by tailoring your resilience strategies according to your unique business operations, size and risk profile. This flexibility ensures that your organization can evolve to accommodate changes in the business environment, emerging risks, or shifts in regulatory requirements.
How we can help you
Our Solution to Mastering the DORA Compliance Journey
With the compliance deadline for the Digital Operational Resilience Act (DORA) swiftly approaching in January 2025, the urgency for companies to act has never been more pressing. GT is your trusted partner in this crucial journey. We offer tailored solutions to assess, strategise, and implement DORA compliance for your organisation, ensuring you meet the deadline and position your company for greater security, trust, and competitiveness in the digital age.
DORA Understanding & Readiness Assessment
The DORA Understanding & Readiness Assessment is a service designed to provide your organization with a clear understanding of the requirements. Our team will provide targeted workshops and training to help you navigate the intricacies of the regulation. An assessment of your current operations based on guided interviews, questionnaires and document-based analysis will help our team to understand the key areas of improvement in your compliance journey.
Based on the results of the readiness assessment, our team may offer recommendations for enhancing your operational resilience and tailoring your compliance roadmap to align with the DORA requirements.
Our services vary according to the needs and requirements of the client, which include but are not limited to:
- Risk Management & Governance Framework
- Business Continuity, Disaster Recovery & Resilience Planning
- IT Internal Audit
- Risk Assessment
- Establishing a Risk-Culture through Awareness Trainings
- Put in place appropriate policies and procedures for your organization
- Incident Management & Reporting
- Incident Recovery & Remediation
- Vulnerability Scanning and health checks
- Penetration Testing & Vulnerability Scanning
- Red Team Assessments
- Digital Forensics and Incident Response (DFIR) Services
- Social Engineering simulations
- Third Party Risk Management Framework
- Third Party Risk Management Maturity Assessment