Comprehensive implementation guide for banks and financial institutions to achieve digital operational resilience compliance
Banks are at the forefront of digital transformation, relying heavily on ICT systems for core operations, customer services, and transaction processing. This digital dependency creates significant vulnerabilities to cyber threats, system failures, and third-party risks.
DORA establishes a comprehensive regulatory framework to ensure banks maintain robust operational resilience, protect customer data, and ensure business continuity even during major ICT disruptions.
Establish comprehensive ICT risk management framework integrated with overall risk management, covering identification, protection, detection, response, and recovery capabilities.
Implement robust incident detection, classification, and reporting systems with mandatory reporting to supervisory authorities within strict timelines for major ICT incidents.
Conduct regular testing including vulnerability assessments, penetration testing, and threat-led penetration testing (TLPT) for critical banking systems.
Manage ICT third-party service providers through due diligence, contractual arrangements, ongoing monitoring, and oversight of critical providers.
Participate in information sharing arrangements to enhance collective awareness of cyber threats and defensive capabilities across the sector.
Comprehensive documentation of ICT risk management processes, controls, governance structures, and integration with enterprise risk management framework.
Formal procedures for incident detection, classification, escalation, communication, and reporting to supervisory authorities with defined timelines and responsibilities.
Documented results from vulnerability assessments, penetration tests, TLPT exercises, and scenario-based testing with remediation plans for identified gaps.
Comprehensive policy for managing ICT third-party relationships including due diligence, contract terms, SLA monitoring, and exit strategies.
Detailed crisis management and business continuity plans ensuring critical banking operations can continue during ICT disruptions with defined RTOs and RPOs.
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Assess current ICT risk management practices against DORA requirements to identify compliance gaps and priorities.
Establish cross-functional DORA compliance team and governance structure with clear roles and responsibilities.
Develop comprehensive ICT risk management framework, policies, and procedures aligned with DORA requirements.
Invest in cybersecurity tools, monitoring systems, and resilience capabilities to meet technical requirements.
Review and update contracts with ICT service providers to ensure DORA compliance and establish oversight mechanisms.
Conduct resilience testing, validate incident response procedures, and document results for regulatory reporting.
DORA represents a fundamental shift in how banks must approach digital operational resilience. Beyond regulatory compliance, DORA implementation strengthens your bank's ability to withstand cyber threats, maintain customer trust, and ensure business continuity in an increasingly digital financial landscape.
By proactively implementing robust ICT risk management frameworks, incident response capabilities, and third-party oversight, banks can transform DORA compliance into a competitive advantage—demonstrating to customers, regulators, and stakeholders a commitment to operational excellence and digital resilience.