European enterprises face many GRC requirements, demanding significant resources to maintain compliance and provide auditors and regulators with the necessary evidence. The Digital Operational Resilience Act (DORA), which took effect on January 16, 2023, introduces additional regulatory requirements for financial services and ICT companies operating in or working with the European Union (EU).
What is DORA?
DORA outlines guidelines for cyber risk management and operational resilience, aiming to enhance the digital resilience of financial entities across Europe. While it primarily applies to EU organisations, UK-based companies may be subject to DORA if they do business with EU entities. Compliance is required not only for financial institutions but also for ICT services companies supporting them.
The compliance deadline, set for January 17, 2025, has now passed. It’s crucial for in-scope companies to implement efficient strategies to meet DORA’s requirements, both now and in the long term. Managing this alongside other regulations can be resource-intensive.
Automation enables organisations to streamline compliance, strengthen operational resilience,…
