Staying Ahead: Readiness for DORA in Financial Services

The Digital Operational Resilience Act (DORA) represents a significant change in the regulation landscape for financial institutions within the European Union. 

In this episode important episode of Beyond The Document, Ben Saxton dives into this new piece of legislation, which becomes applicable on the 17th of January, and how it aims to bolster the operational resilience of financial institutions, impacting a broad spectrum of entities beyond just the directly regulated organisations.

'Beyond The Document' is Formpipe’s monthly podcast that offers in-depth discussions on Output, Document, and Customer Communications Management.

Read on for a preview of what you can expect in this month’s episode.

Who’s on the show?

In this episode, Ben Saxton sits down with Rupert Bull, the co-founder and CEO of The Disruption House. Rupert brings a wealth of expertise in guiding organisations to enhance their ESG (Environmental, Social, and Governance) credentials while also strengthening their operational resilience.

The Disruption House delivers accessible and actionable ESG and operational resilience insights through cutting-edge assessments and analytics. Specialising in SMEs, they combine innovative technology with deep ESG expertise to provide tailored advice that drives sustainable business success. Offering a personal touch from start to finish, they help organisations achieve impact efficiently and inspire others to embrace sustainable practices, all while staying cost-effective.

What topics are discussed?

Overview of DORA - the Digital Operational Resilience Act, is EU legislation impacting 22,000 regulated financial institutions across Europe. It directly applies to these institutions and indirectly to their digital suppliers, as it mandates operational resilience throughout the digital supply chain.

Impact on regulated financial institutions and suppliers - A key aspect of DORA is ensuring suppliers have robust resilience and business continuity plans. It also necessitates changes to contracts to allow for thorough investigation of supplier practices, marking a shift from one-off procurement checks to continuous oversight.

Complexity and reliability concerns post-COVID - DORA highlights areas that were previously underfunded or overlooked, particularly as institutions streamlined procurement to cut costs, often reducing supplier oversight. The Covid pandemic accelerated digital transformation, driving innovation and speed but introducing complexity and raising concerns about reliability and trust. DORA provides a clear framework for supplier expectations, ensuring robust oversight. 

Intersection of DORA and sustainable business practices - DORA serves as a benchmark for assessing how well an organisation is managed and structured. Running a business across multiple themes, such as ESG, demands greater complexity and capability. With the Corporate Sustainability Reporting Directive (CSRD) coming into effect in January, businesses must prioritise sustainability to meet buyer expectations and regulatory requirements.

How to listen

To listen to the episode, head to your podcast platform of choice or simply press play below.