DORA Is Here: Is Financial Services Prepared To Continue Innovating In Balance With Compliance Requirements?
Red Hat News, Friday, February 7th, 2025
The Digital Operational Resilience Act (DORA) is an EU financial services industry (FSI) regulation that came into force on 16 January 2023 and applies as of 17 January 2025.
It is a framework for protecting financial services' operational resilience by establishing uniformed rules for ICT risk management, incident reporting, and third party risk.
Other EU regulations, like MiFID II, PSD2 and EMIR, have required firms to implement many elements of DORA but vertically at the product level. DORA requires them to instead implement these elements, such as enhanced third party risk management, horizontally across the entire business.