Digital Operational Resilience for Financial Services Firms
Designation of Critical Suppliers and Critical ICT Service Providers
We help financial services firms identify which ICT service providers' disruption may significantly impact your operations. These may include your IT company, cloud service provider.
Third-Party Risk Management
We help you assess and manage risks associated with ICT third-party service providers, including due diligence and contractual reviews, risk classification, and oversight mechanisms.
Governance & Oversight Structures
We assist in establishing governance models that ensure board-level accountability and continuous oversight of risk-based digital operational resilience. This include dependency mapping, regular risk assessments and policy and procedures testing.
Digital Operational Resilience for IT and Tech firms working with Financial Services Firms
Applicability Assessment
We help you determine whether you are subject to the FCA's Operational Resilience Regime and/or the EU Digital Operational Resilience Act.
Policy Drafting and Processes Development
We help you develop sound and effective policies confirming your ICT risk controls, incident and detection systems and business continuity and disaster recovery plans.
Contractual Compliance
We review your terms and conditions for compliance with digital resilience regimes, ensuring alignment for regulated clients without disrupting others not subject to such regimes.
Please reach us here if you cannot find an answer to your question.
DORA applies to a wide range of financial entities operating within the EU, including banks, insurance companies, investment firms, payment service providers, and crypto-asset service providers. It also applies to third-party ICT service providers such as cloud platforms and software vendors that support these financial institutions.
DORA introduces a unified framework for managing ICT risks. Key requirements include:
The Digital Operational Resilience Act (DORA) is a binding EU regulation that imposes direct legal obligations on both financial entities and their Information & Communication Technology (ICT) service providers. In contrast, the FCA Operational Resilience Regime is a UK supervisory framework that applies only to financial firms and is principles-based rather than prescriptive.
DORA applies to financial entities across the EU, including banks, insurers, and investment firms, as well as ICT third-party providers that are deemed critical to financial services. The FCA regime applies to UK financial institutions regulated by the FCA, PRA, or Bank of England, but does not directly regulate ICT providers.
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