TECH BUYER May 2022 - Web Conference Proceeding: Tech Buyer - Doc # EUR249118022

The EU Digital Operational Resilience Act: Making or Breaking the Relationship Between ICT Vendors and Financial Organizations


George Briford
Maria Adele Di Comite
Ralf Helkenberg
Archana Venkatraman

In this IDC Webinar, the presenters discuss the background, regulatory requirements, and potential impacts of the overall draft regulation on the parties concerned — virtually all financial entities of all types and all providers of critical ICT services.

The background to the EU's coming Digital Operational Resilience Act (DORA) is multifaceted. Digital transformation has led to a highly interconnected and interdependent ecosystem that needs to be protected, as financial entities operate in an augmented space that relies on ICT providers. DORA mitigates systemic risk by addressing operational resilience via an end-to-end and harmonized approach. DORA brings ICT and cloud providers under the direct supervision of European supervisory authorities (ESAs).

DORA covers five major chapters: risk management, ICT third-party risk, resilience testing, incident reporting, and information and intelligence sharing.

"The Digital Operational Resiliency Act is definitely not an easy ticking-a-box compliance exercise. It will require both financial entities and critical ICT third-party providers to assess their risk management operating models and adapt them to the five pillars of this regulatory act. Another challenge will be to align and prepare a detailed action plan to comply." — Associate Research Director George Briford, Financial Insights, IDC Europe



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