Implement Practical Steps to Ensure Effective Compliance with DORA
The Digital Operational Resilience Act (DORA) will come into force on the 17th January 2025 with compliance required by financial entities. Despite the imminent deadline, the 2nd draft of the Regulatory Technical Standards (RTS) is being released in June and the final text only in December. This has contributed to the challenges faced by financial services firms in meeting these requirements and makes the timeline for compliance very short.
As a result, it is imperative that these companies establish and implement a clear and achievable strategy to enable this compliance. External solutions and guidance can help with mapping out the practical steps towards compliance and aiding this process. This involves analysing the compliance roadmap so far and determining what works best from previous experience. Having the right preparation in place will ensure that firms do not face regulatory sanction, which can include fines of up to 1% of annual worldwide revenue that can be levied on a daily basis. This panel discussion will therefore focus on strategies being utilised by firms to enable compliance without finalised regulatory documentation.
Learning Objectives:
- Understand the requirements for DORA compliance and the challenges involved for the financial services industry
- Build on current and past experiences to generate an effective roadmap for compliance
- Learn important tips which can help to meet regulatory expectations despite the short timeframe
- Establish exactly what steps are needed to finalise a successful DORA programme
Speakers:
- Henry Umney (Moderator), Managing Director GRC Strategy, at Mitratech
