Jurisdiction(s):
European Union

EU DORA: contractual mandates, repapering and supply chain flow-downs for financial entities and ICT providers by 17 January 2025

Published on: 11 December 2024

Published by a LexisNexis EU Law expert

Legal News

Article summary

The main impact of DORA DORA

DORA is reshaping the financial services landscape, altering how organisations manage operational risk and keep critical operations going during disruption. The regulatory focus has shifted from protection to resilience — a broader idea that spans preventing disruption, mitigating incidents, addressing consequences and recovering from disruptive events.

For financial entities, DORA introduces a structured set of requirements that will compel organisations to re‑evaluate:

data, cyber and contractual governance
risk management policies and processes
technology estates and testing methods
incident management framework
technology and data contracts

These organisations already operate under extensive regulation, but DORA’s fresh requirements will bring further scrutiny and operational adjustment, adding another layer of rigour and cost. DORA also has wide reach, applying to both intra‑group and external information and communication technology (ICT) service providers and creating a dual‑compliance requirement. The principle of proportionality, central to DORA, allows financial entities to adapt their compliance programmes according to the criticality and risk level of their services...

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