DORA Arrives Next Year, but the Clock is Ticking!
In reality, the journey has already begun; we find ourselves in the final year to navigate the complexities of DORA, the Digital Operational Resilience Act, an upcoming EU regulation.
Similar to GDPR, DORA is not a framework; it lacks for obvious reasons:
- A predefined implementation plan,
- A metamodel
- A set of target visuals
- Governance roles
On January 17th, there is a year until it goes live.
DORA is set to challenge financial entities and their third parties to enhance their compliance standards by January 17th, 2025, and its impact is far-reaching.
It impacts a wide range of financial entities, including banks, payment and electronic money institutions, investment firms, data reporting service providers, insurance and reinsurance undertakings, and more.
The regulation aims to ensure stability within the EU society by achieving high digital operational resilience for regulated financial entities.
In simpler terms, it focuses on enhancing a financial entity’s ability to construct, assure, and review its operational integrity and reliability.
Now is the time to delve into DORA. If your organization already has processes around EA Management, risk assessments, and risk management, there’s a clear opportunity to review and align them with the new rules that DORA presents.
DORA compels enterprises to reconsider their regulatory frameworks, offering an avenue to improve, streamline, and automate risk management and digital operational resilience.
Initiating discussions on DORA compliance today is critical, laying the groundwork for your team to review or reconstruct EA governance in line with the new regulation to support the IT systems in delivering resilient services.
Our expertise can assist you in assessing your options.
We can provide advisory services and digital solutions in the new solution space. A quick assessment will show how a modern low-code solution can incorporate EA principles into risk management and compliance.
We can help you navigate the intricacies of the new policy framework and propel them into a modern low-code enabled digital portal, utilizing digital governance to manage the impending regulation effectively.
While many vendors may rush to provide early solutions, our approach involves assessing, designing, and several smaller sprints to quickly identify quick wins at the intersection of enterprise architecture, risk management, and low-code apps.
Let’s connect if you require assistance in assessing, planning, or building the new DORA application. Book your advisory session here.
