Digital Operational Resilience Act (Dora)
The EU’s Digital Operational Resilience Act (DORA) will come into force from 17 January 2025. DORA codifies aspects of existing regulatory guidelines on outsourcing and ICT risk management. It provides a single, harmonised EU Rulebook for all financial entities covering operational resilience and ICT-related risk. The new regulation means that financial institutions (including, but not limited to, banks, insurers and investment firms) – as well as their ICT service providers – will need to address the requirements of DORA in their supply chain. This may require amending and renegotiating contracts to adapt the new regime.
How can Vario help?
Businesses that need to comply with the DORA regulations will have to update their internal policies and procedures. This will also mean revising their contracts to include the new regulatory requirements . For large financial institutions that operate in multiple countries and offer various services, this could involve updating hundreds of contracts, which is a complex exercise.
This is where we come in - Pinsent Masons and its professional services team Vario offers a hybrid model that harnesses expert legal advice and combines it with managed legal service capabilities, all within one international law firm. We are able to deliver a standardised process across the full suite of contracts, using technology, specialist project management and entirely scalable legal resource to adapt to varying workload demands throughout the project.
To learn more about DORA, click below to access our comprehensive guide to regulatory change.
In this report, we deep-dive into what DORA means for you, and reveal the 4 essential steps for getting ahead of compliance.
To find out more about how we can help you to prepare, please contact David Halliwell , Paul Hinton or Rich Manley.