Preparing for DORA: Key Compliance Steps for 2025

Understanding DORA and Its Significance
DORA aims to enhance the resilience of the financial sector by setting unified requirements for the management of Information and Communication Technology (ICT) risks. The regulation covers financial entities, critical ICT third-party service providers, and focuses on ensuring operational continuity in the face of digital disruptions. Compliance with DORA is not merely a regulatory box to tick; it’s a strategic necessity to safeguard against evolving cyber threats, reduce downtime, and maintain trust with stakeholders.

Key Steps to Achieve DORA Compliance

1. Conduct a Comprehensive Gap Analysis

What to Do: Assess your current operational resilience and ICT risk management practices against DORA’s requirements.
Why It Matters: Understanding where your organization stands will help identify areas that need improvement and prioritize actions.
How to Start:

• Map existing processes to DORA’s five pillars: ICT risk management, ICT incident management, digital operational resilience testing, third-party risk management, and information sharing.

• Engage cross-functional teams for a holistic analysis.

2. Strengthen ICT Risk Management

What to Do: Develop a robust ICT risk management framework.
Why It Matters: DORA mandates financial entities to identify, assess, and mitigate ICT-related risks across the entire supply chain.
How to Start:

• Define clear roles and responsibilities for managing ICT risks.

• Implement continuous monitoring of ICT systems and critical assets.

• Integrate AI-driven tools to enhance visibility into vulnerabilities.

3. Establish an Incident Management Framework

What to Do: Prepare for rapid response to ICT-related incidents.
Why It Matters: DORA emphasizes a structured approach to incident detection, reporting, and resolution to minimize business disruption.
How to Start:

• Create a detailed incident response plan covering detection, containment, eradication, recovery, and lessons learned.

• Ensure alignment with DORA’s 72-hour reporting requirement for major ICT incidents.

4. Embrace Digital Operational Resilience Testing

What to Do: Conduct regular resilience tests to simulate disruptions.
Why It Matters: DORA requires periodic testing to verify that systems and processes can withstand real-world threats.
How to Start:

• Develop a testing schedule with scenarios that mimic potential threats, such as cyberattacks or system outages.

• Involve third-party service providers in testing to assess their readiness.

• Document test results and use insights to strengthen your resilience strategies.

5. Enhance Third-Party Risk Management

What to Do: Monitor and manage risks posed by ICT third-party service providers.
Why It Matters: DORA sets strict requirements for assessing the resilience of third-party vendors critical to your operations.
How to Start:

• Implement continuous monitoring of your third-party ecosystem using real-time risk intelligence platforms like Supply Wisdom.

• Evaluate contracts with ICT providers to ensure compliance with DORA, including clauses for termination and subcontracting.

• Include fourth- and fifth-party risk considerations to minimize cascading risks.

6. Prepare for Regulatory Reporting

What to Do: Establish processes for reporting to regulators and stakeholders.
Why It Matters: Transparent and timely reporting is central to DORA’s compliance framework.
How to Start:

• Standardize reporting templates and processes for ICT-related incidents and testing outcomes.

• Assign dedicated compliance officers to manage regulatory communication.

7. Invest in Staff Training and Awareness

What to Do: Build organizational awareness of DORA’s requirements and best practices.
Why It Matters: Employees at all levels play a critical role in maintaining operational resilience.
How to Start:

• Organize training sessions on DORA’s key provisions and ICT risk management protocols.

• Develop awareness campaigns to reinforce a culture of compliance and resilience.

8. Leverage Technology to Automate Compliance

What to Do: Use AI-driven platforms to simplify and streamline compliance efforts.
Why It Matters: Automation reduces manual workload and ensures timely adherence to DORA’s complex requirements.
How to Start:

• Invest in tools that provide end-to-end risk monitoring, incident reporting, and resilience testing capabilities.

• Opt for solutions that integrate seamlessly with your existing systems and offer scalability.
  
  

The Strategic Benefits of DORA Compliance

Preparing for DORA is not just about meeting regulatory requirements; it is an opportunity to:

• Build trust with customers and stakeholders by demonstrating resilience.

• Gain a competitive edge by ensuring uninterrupted service delivery.

• Reduce financial losses caused by cyber incidents or operational disruptions.

Final Thoughts: Start Now, Stay Ahead

The countdown to DORA’s compliance deadline is on. By taking proactive steps today, your organization can mitigate risks, ensure operational continuity, and thrive in an increasingly interconnected digital ecosystem. Risk professionals must champion these efforts, ensuring that their institutions not only comply with DORA but emerge stronger, more resilient, and ready for the challenges of tomorrow.

For more guidance on achieving DORA compliance, download Supply Wisdom's comprehensive DORA E-book, and explore continuous monitoring solutions like Supply Wisdom, which offer comprehensive tools to help you manage ICT and third-party risks effectively.