Preparing your EU Operation for the Digital Operational Resilience Act

Digital innovation is accelerating, and financial services firms are quick to harness new tools that enable them to deliver more effective services.

 But rapid change brings risk, particularly where governance, risk management and control frameworks have not kept pace with new capabilities. In response the EU has strengthened its regulatory regime, by introducing the Digital Operational Resilience Act (DORA). 

DORA came into force in January 2023 and will apply from January 2025. It is vital financial firms that increasingly rely on digital infrastructure such as blockchain and AI to carry out key operations, have the expertise and talent they need to ensure compliance.

This strengthens your firm’s ability to prevent disruptive cyber attacks that can cause considerable commercial damage. It also ensures your company won’t be liable for fines for non-compliance, which can reach up to 2% of annual worldwide turnover.

At Albany Beck, we specialise in putting in place people and processes that build digital resilience and ensure your business meets regulatory demands.  

If you need support to prepare for DORA, get in touch to discuss how we can provide experts who will hit the ground running in your firm.

For more about the impact of DORA on financial services firms, read the Central Bank of Ireland’s Regulatory and Supervisory Outlook.