4. INVOLVE MULTIPLE TEAMS:
Ensure that the compliance process involves multiple teams such as IT security, legal, compliance, and risk management teams, as well as management and external counter parties. This will enable you to get a comprehensive view of the organisation's cyber risks and take a holistic approach to compliance.
5. EMPOWER LEADERSHIP:
DORA establishes responsibility for a firm's operational resilience at the Board and CxO-level, therefore, senior management should take a leading role in the implementation of DORA's requirements.
6. REGULARLY REVIEW AND UPDATE PLANS:
Regularly review and update your digital operational resilience strategy and policy on ICT Third Parties (TPs) as per the DORA regulation requirements. This will ensure that your organisation stays aligned with the regulation's requirements and is prepared for any potential disruptions.
7. PRIORITISE REMEDIATION ACTIONS:
Decide how to prioritize remediation actions in order to address operational vulnerabilities that are identified. This will enable you to take proactive steps to mitigate potential risks.
8. PRODUCE EVIDENCE:
Be able to demonstrate to supervisors that your firm is resilient to firm-specific threats as well as broader sectoral threats. This will demonstrate your organisation's compliance with the regulation.
9. FACTOR EXTERNAL ENVIRONMENT:
Regularly factor in management information on threats and vulnerabilities emanating from the external environment into the overall resilience of the firm in a dynamic manner. This will enable you to stay informed about potential risks and take proactive steps to mitigate them.
10. IDENTIFY CRITICAL OR IMPORTANT FUNCTIONS (CIFs):
Identify the functions that are critical to the firm's operations as per the DORA regulation requirements, this will be a focal point for the work the firm must do to build its resilience.
Ensure that the compliance process involves multiple teams such as IT security, legal, compliance, and risk management teams, as well as management and external counter parties. This will enable you to get a comprehensive view of the organisation's cyber risks and take a holistic approach to compliance.
5. EMPOWER LEADERSHIP:
DORA establishes responsibility for a firm's operational resilience at the Board and CxO-level, therefore, senior management should take a leading role in the implementation of DORA's requirements.
6. REGULARLY REVIEW AND UPDATE PLANS:
Regularly review and update your digital operational resilience strategy and policy on ICT Third Parties (TPs) as per the DORA regulation requirements. This will ensure that your organisation stays aligned with the regulation's requirements and is prepared for any potential disruptions.
7. PRIORITISE REMEDIATION ACTIONS:
Decide how to prioritize remediation actions in order to address operational vulnerabilities that are identified. This will enable you to take proactive steps to mitigate potential risks.
8. PRODUCE EVIDENCE:
Be able to demonstrate to supervisors that your firm is resilient to firm-specific threats as well as broader sectoral threats. This will demonstrate your organisation's compliance with the regulation.
9. FACTOR EXTERNAL ENVIRONMENT:
Regularly factor in management information on threats and vulnerabilities emanating from the external environment into the overall resilience of the firm in a dynamic manner. This will enable you to stay informed about potential risks and take proactive steps to mitigate them.
10. IDENTIFY CRITICAL OR IMPORTANT FUNCTIONS (CIFs):
Identify the functions that are critical to the firm's operations as per the DORA regulation requirements, this will be a focal point for the work the firm must do to build its resilience.
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