The Digital Operational Resilience Act (DORA)

Published

Jan 18 2023

Written By

Giuseppe D'Agostino

Of Counsel
Italy

I joined Bird & Bird in March 2020 as Of Counsel, with a focus on regulatory compliance and FinTech.

Practices

Sectors

Regions

Western Europe

The Digital Operational Resilience Act (DORA) is a key piece of EU legislation that provides a harmonised universal framework for financial institutions to manage technology risks, reducing regulatory complexity and increasing legal certainty by filling gaps and inconsistencies in several previous acts.

Financial institutions are required to follow the same principles-based approach and rules in managing ICT risks, taking into account their size and risk profile as well as nature, scope and complexity of their services, activities and operations.

Our Fintech team has outlined the key elements of the DORA framework, which aims to guide directors and senior managers of any financial institution in organising and maintaining technology governance as an integral part of corporate governance.

Bird & Bird can play a key role in helping banks, asset managers, insurance companies and other financial intermediaries implement DORA requirements, including assisting them in contracting outsourced ICT services and designing internal control and compliance processes.