Unlock the Potential of DORA with Expert Assistance

Written by Amanda Souza | News | Posted 13/06/2024 15:13:53

Financial services are essential in ensuring economic stability amid digital transformation. The Digital Operational Resilience Act (DORA) is a significant legislative milestone that will shape the future of Ireland's financial sector.

Understanding DORA:

The European Union's Digital Operational Resilience Act (DORA), which will take effect in January 2025, is poised to revolutionise financial entities' operations. DORA aims to strengthen the operational resilience of banks, investment firms, and market infrastructure providers, covering both traditional and digital services.

Key Pillars of DORA:

Mapping Critical Functions: Mandating financial entities to identify and categorise vital functions, enhancing understanding of vulnerabilities.

Risk Management: Requiring practical risk assessment and mitigation strategies, including stress testing and contingency planning.

Third-Party Risk: Emphasising the management of risks from external collaborators to ensure ecosystem resilience.

Incident Reporting: Establish clear protocols for promptly reporting disruptions to authorities, facilitating coordinated responses.

The Digital Operational Resilience Act signifies a turning point for Ireland's financial sector, promising resilience, innovation, and global competitiveness. Embracing DORA principles solidifies Ireland's position as a hub for secure financial services in the digital era.

How can Sanderson help your company navigate DORA:

Talent Acquisition: Identifying and hiring skilled professionals in risk management, cybersecurity, compliance, and technology.

Industry Knowledge: Offering insights into talent requirements and regulatory challenges specific to DORA.

Strategic Planning: Assisting in long-term talent needs, including succession planning and workforce optimisation.

Consulting Services: Providing strategic advice on organisational design, talent management, and compliance strategies.

For more information, please reach out to Kirtee via Linkedin: Kirtee Issur-Garvin or via email: Kirtee.Issur-Garvin@sanderson.ie

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