DORA Compliance: The Cost of Delay in Financial Services

In the wake of the 17^th  January DORA compliance deadline, financial organisations face new pressure to demonstrate their digital operational resilience. With regulators now actively monitoring compliance, the stakes have never been higher for institutions that haven't yet fully implemented the required frameworks.

Understanding the Impact

The Digital Operational Resilience Act (DORA) represents more than just another regulatory requirement. It fundamentally changes how financial organisations must approach their:

• ICT risk management

• Incident reporting procedures

• Digital resilience testing

• Third-party oversight

• End-to-end cyber security and operational resilience across their organisation and supply chain

‍

Critical Compliance Gaps

Our Strategic Advisors have identified several common misconceptions leading to compliance gaps:

1. Overconfidence in Existing Systems

Many organisations assume their current cybersecurity measures meet DORA requirements. However, the regulation demands specific, documented protocols that go beyond traditional security frameworks.

2. Incomplete Risk Assessment

Organisations often underestimate the scope of their internet-connected infrastructure, leaving critical vulnerabilities in their compliance framework.

3. Inadequate Third-Party Oversight

DORA requires comprehensive monitoring of all third-party service providers—a requirement many organisations have yet to fully address.

‍

Taking Action Now

While the deadline has passed, organisations can still take decisive steps to minimise regulatory exposure:

1. Conduct a rapid compliance assessment

2. Document current ICT risk management frameworks

3. Implement required reporting protocols

4. Develop a clear roadmap to full compliance

‍

The Path Forward

Organisations need to move quickly but strategically. Priority should be given to:

• Establishing robust ICT risk management frameworks

• Implementing comprehensive incident reporting systems

• Developing thorough digital resilience testing procedures

• Creating effective third-party risk oversight mechanisms