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Fostering Digital Operational Resilience In The Financial Services Sector In Europe (Dora Compliance)

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Abstract

The European Union (E.U.) wants to position itself as a world leader in digital innovation in the financial services industry. Subsequent to the digitalization of the provision of financial services to European consumers and businesses, new kinds of digital risks have emerged. To reach that set objective, the E.U. must make sure those key risks are properly controlled. DORA, which stands for Digital Operational Resilience Act, is the answer from the E.U. to the increasing use of ICT systems and third parties for financial institutions’ critical operations. This paper explores the key actions that Financial institutions will have to undertake to comply with DORA guidelines. The emerging risks will require mitigations such as an appropriate ICT risk management framework, a robust incident management process including classification and reporting, a digital operational resilience testing program, as well as an end-to-end third-party management control framework.

Suggested Citation

  • Vandeput, Alexandre, 2023. "Fostering Digital Operational Resilience In The Financial Services Sector In Europe (Dora Compliance)," Journal of Financial Transformation, Capco Institute, vol. 57, pages 20-27.
    • Handle: RePEc:ris:jofitr:1700
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    More about this item

    Keywords

    DORA; banking; financial services; regulation; operational resilience; risk management;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • K23 - Law and Economics - - Regulation and Business Law - - - Regulated Industries and Administrative Law
    • K24 - Law and Economics - - Regulation and Business Law - - - Cyber Law
    • L50 - Industrial Organization - - Regulation and Industrial Policy - - - General
    • O00 - Economic Development, Innovation, Technological Change, and Growth - - General - - - General
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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