From tomorrow, the Digital Operational Resilience Act (DORA) will reshape how financial institutions manage technology risk, and organisations will be expected to show that they've taken steps to improve their operational resilience in line with the new legislation.
Why DORA matters
DORA's mission is simple: to enhance how financial services handle ICT risks and harmonise ICT risk management frameworks, creating a unified standard for operational resilience across the European financial sector. By setting robust requirements for ICT governance, incident management, and third-party oversight, DORA helps ensure critical ICT systems and services can withstand and recover from cyber and operational disruptions.
Failure to comply isn't just a regulatory risk - it's a reputational one. In today's interconnected financial ecosystem, operational resilience is a key trust factor for clients, customers and partners.
Lendscape: your partner in operational resilience
We've taken action to meet DORA's standards and support our clients in doing the same. Our preparation includes:
- Risk and Incident Management Updates: Aligning with DORA's technology standards.
- GRC Function: Expanding our Governance, Risk and Compliance function for additional support.
- Bespoke DORA Addendum: Bespoke contractual addendum for new existing Lendscape customers with mapping guide to DORA articles.
- Enhanced online Trust Centre: interactive, online resources for self-service due diligence queries
- Partnering with Littlefish: Delivering 24/7 CSOC and SIEM capabilities.
These initiatives ensure that Lendscape is not just DORA-ready, but positioned to help our clients confidently navigate this regulatory shift.
Your Next Steps
- Confirm your critical third-party ICT vendors meet DORA's resilience requirements.
- Establish clear reporting lines and protocols for ICT-related incidents.
- Enhance your internal capabilities for operational resilience testing.
DORA's deadline is almost upon us. While many organisations in scope are likely well underway with their compliance preparations, we understand that questions can still arise. If you'd like to revisit any details, you can access our comprehensive guide. And if there's anything further you'd like to discuss about DORA's implications or how Lendscape supports operational resilience, don't hesitate to get in touch - we're here to help.