Purpose of the Overview
The purpose of this session is to introduce company executives and board members to the key requirements of DORA (Regulation (EU) 2022/2554) and their responsibilities in ensuring digital operational resilience. The overview provides a concentrated summary of DORA’s scope, governance expectations, core compliance elements, and risk management principles. It aims to help leadership make informed decisions and prepare effectively for DORA implementation.
Introduction
The financial sector is increasingly reliant on digital systems and third-party technology providers. With this reliance comes vulnerability to cyber threats, ICT disruptions, and operational failures. DORA (Regulation (EU) 2022/2554) was adopted to harmonize how financial entities in the EU manage digital risks and ensure they remain operationally resilient under stress.
Final View and Key Takeaways
DORA is not just a compliance obligation – it’s a shift in how financial organizations must approach resilience, accountability, and oversight in the digital age. Executive leadership plays a critical role in ensuring the company is not only compliant, but also prepared to respond, recover, and continue delivering services under digital strain.
Key takeaways:
- DORA assigns clear governance responsibilities to senior leadership.
- Executives must oversee risk frameworks, continuity strategies, and third-party relationships.
- Early preparation is key—risk awareness, internal alignment, and resource planning should begin now.
Leadership engagement is not optional. DORA requires it, and the stability of your organization depends on it.
Curriculum
- 6 Sections
- 0 Lessons
- 1 Hour
- Introduction to the DORA RegulationObjective: Provide a clear understanding of what DORA is and why it was introduced. Impact: Leaders will understand how DORA affects their organization and its position within the broader EU financial regulatory landscape. • What is DORA? – A European regulation establishing digital resilience rules for the financial sector. Applies to all financial sector entities – from banks to insurance and investment firms.0
- Executive ResponsibilitiesObjective: Clarify the roles and responsibilities of executives and board members in achieving DORA compliance. Impact: Enables leadership to take ownership of risk management and compliance strategies, including key accountability assignments. • The board and executive management must implement a strategy that ensures oversight, control, and governance of IT risks. • An accountable executive must be appointed to manage risks related to IT service providers and ensure compliance. • Management must review policies annually and respond proactively to risk changes or new threats.0
- Key RequirementsObjective: Introduce the foundational compliance areas required by DORA. Impact: Executives will grasp what needs to be in place to meet regulatory expectations. • IT Risk Management: A structured framework must exist to identify, assess, and mitigate IT risks. • Incident Management: Organizations must record, classify, and report IT incidents within defined timelines. • Business Continuity Planning: Plans must be in place to maintain operations during or after IT incidents.0
- Third-Party Risk ManagementObjective: Explain the responsibilities related to managing ICT third-party providers. Impact: Leaders will understand their accountability for outsourcing and the importance of service oversight and contract structuring. • All IT service provider contracts must be known and actively managed. • A register must document which services are used and which critical or important functions they support. • It's vital to ensure service quality, monitor associated risks, and secure exit strategies without disrupting operations0
- Classification of IT IncidentsObjective: Introduce the criteria for classifying ICT-related incidents and their relevance to DORA. Impact: Leadership will be able to ensure that major incidents are reported timely and appropriately. • Incidents must be categorized based on their impact on clients, reputation, data, and operations. • Executives must understand when an incident qualifies as “major” and when it must be reported to regulators.0
- Q&A / Case Study Examples• Real or hypothetical examples of DORA application within companies. • Open floor for executive-level questions and practical discussions.0
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