Compliant Reporting with the Digital Operational Resilience Act (DORA)
Automate cyber event risk assessment, documentation, and reporting with Radar® Compliance.
The European Union’s Digital Operational Resilience Act (DORA) is a landmark regulation designed to strengthen the operational resilience of financial entities against Information and Communication Technology (ICT)-related disruptions and threats.
For cybersecurity and compliance professionals, understanding DORA’s requirements is not just about adherence; it’s about safeguarding the integrity, continuity, and trustworthiness of financial entities.
DORA establishes a unified framework for the digital operational resilience of financial entities operating within the EU. It aims to ensure that financial institutions can withstand, respond to, and recover from ICT-related incidents. This includes managing and mitigating risks associated with network and information systems and third-party service providers.
DORA applies to a wide array of financial entities, including: banks, Insurance companies, investment firms, payment service providers, and critical third- party service providers.
Key Requirements of DORA
Compliance with DORA necessitates a proactive and comprehensive approach to digital operational resilience. Key requirement areas include:
• ICT Risk Management: Financial institutions must develop and maintain a robust ICT risk management framework, including regular risk assessments and implementation of security measures.
• Incident Reporting: DORA mandates the establishment of procedures for the prompt detection and reporting of ICT-related incidents to relevant authorities, along with maintaining detailed incident records.
• Operational Resilience Testing: Regular and comprehensive testing, including scenario-based testing and the involvement of critical third-party providers, is required to identify and address vulnerabilities.
• Third-Party Risk Management: Organizations must implement stringent controls for managing risks associated with third-party service providers and ensure their compliance with DORA.
• Governance and Oversight: Establishing clear governance structures with senior management responsibility for ICT risk management and operational resilience is essential. This includes regular training and awareness programs for staff.
Automating DORA Compliance with Radar® Compliance
As the leader in risk management, assessment, and reporting, RadarFirst is strategically positioned to help financial institutions automate critical aspects of their DORA compliance and incident reporting processes. Our solution, Radar Compliance, provides a consistent, documented, and collaborative approach to managing cyber events and meeting regulatory obligations.
- Automated ICT Risk Management:
Radar Compliance’s configurable rules and assessment engine allow you to define your own notification triggers and obligations based on DORA requirements, including internal stakeholders and regulators.
Our automated assessment considers relevant risk factors and incident data, analyzing “material risk” based on your company’s defined rules. This helps eliminate subjectivity in incident assessment and ensures consistent, documented decision-making.
By establishing and documenting the burden of proof, Radar Compliance helps you remain forever compliant with shifting regulations.
- Enhanced Incident Reporting:
Radar Compliance provides a streamlined, operational approach to resolving incidents, potentially cutting your team’s effort in half.
Our solution creates customizable workflows for consistent execution across teams, involving the right stakeholders at each stage of incident management. This ensures a timely and accurate information flow for reporting purposes.
The system maintains a transparent, audit-friendly process to provide necessary documentation to internal and external stakeholders.
Radar Compliance facilitates collaborative incident management processes across departments, ensuring all relevant information is captured and accessible for reporting.
- Improved Third-Party Risk Management:
Radar Compliance offers established integrations with preferred security and compliance providers, potentially including third-party risk assessment.
Our robust and agile API can streamline the connection between data detection tools and Radar Compliance, providing a more holistic view of potential risks, including incidents originating from third parties, to surface reporting requirements for all third parties that have been responsible for data breaches or system outages.
- Robust Governance and Oversight:
Radar Compliance’s Playbooks feature for creating and assigning customizable workflows ensure clear responsibilities and accountability in the incident management process, supporting strong governance.
“At your fingertips” access to past incidents and pre-built reports for key stakeholders provides the visibility required for effective oversight and informed decision-making.
Take the Next Step Towards DORA Compliance with Radar Compliance:
Don’t let the complexities of DORA compliance overwhelm your team. Discover how Radar Compliance can empower your organization to automate cyber risk assessment and reporting obligations, enhancing your digital operational resilience.
