7 Steps to Navigating DORA Compliance: Your Roadmap to Success

DORA, Digital Operational Resilience Act, Compliance, Financial Services, DORA Legislation, DORA Compliance

Navigating the path to the Digital Operational Resilience Act (DORA) compliance requires a strategic roadmap that addresses key requirements and ensures robust operational resilience within the financial sector.

This roadmap outlines seven essential steps to achieve and maintain compliance, enhancing operational resilience and cyber security readiness ahead of the 2025 deadline.

Before you start, it is important to thoroughly understand the specific requirements. Familiarise yourself with the five pillars of DORA: ICT risk management, incident reporting, digital operational resilience testing, management of third-party risk, and information sharing.

Take a look at our resource for more information – Simplifying the Five Pillars of DORA

Your 7-Step Roadmap to Success

  1. Current State Assessment and Gap Analysis
  2. Start by assessing your organisation’s current IT infrastructure, including the landscape of IT risks such as third-party dependencies. Evaluate your risk management practices and incident response capabilities against DORA requirements, especially those concerning critical materials or assets. Identify any gaps or vulnerabilities that require attention and mitigation.

  3. Develop a Compliance Strategy
  4. Create a detailed plan and control framework that addresses any gaps you have identified within your IT infrastructure, ensure that it defines roles and allocates resources, and sets clear timelines for compliance milestones.

  5. Enhance Risk Management Frameworks
  6. Enhance your IT risk management processes by incorporating DORA’s requirements into your existing risk management processes such as regular risk assessments, vulnerability management, and threat intelligence monitoring to ensure that digital operational risks are effectively identified, assessed, and mitigated.

  7. Establishing Incident Reporting Protocols
  8. Developing clear and efficient incident reporting protocols is essential for maintaining compliance with DORA. This involves setting up structured procedures for both internal and external communication regarding IT incidents.

  9. Conducting Operational Resilience Testing
  10. Schedule and execute regular stress testing of IT systems to assess their resilience against disruptions. These tests should be comprehensive and mirror real-world scenarios. Regularly evaluate operational resilience through methods such as penetration testing, red team exercises, and business continuity testing.

  11. Managing Third-Party Risks
  12. Assess and manage risks associated with third-party service providers by conducting thorough due diligence, establishing contractual safeguards, and monitoring compliance with DORA requirements.

    It is important to note that existing third-party contracts are in scope too, these may need retrofitting to meet the requirements of DORA.

  13. Monitoring and Continuous Improvement
  14. Implement monitoring mechanisms to track compliance efforts and measure progress against DORA requirements. Continuously evaluate and improve your organisation’s resilience strategies based on evolving cyber threats and regulatory updates.

Need Some Help?

Achieving DORA compliance is a comprehensive endeavour that requires proactive planning, robust implementation, and ongoing monitoring. By following this roadmap , organisations can enhance their digital operational resilience, mitigate cyber risks, and safeguard financial stability in an increasingly digital world.

No matter what stage you are at on your DORA readiness journey, we have the expertise, tools, and experience to guide you seamlessly from start to finish. Our qualified operational resilience and cyber security experts have helped numerous businesses in the financial services sector implement robust frameworks to improve, document and test their DORA preparations, ahead of the January 2025 deadline.

Talk to one of our specialists.
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0344 863 3000