Compliance with DORA Regulation: The need for digital resilience in the financial sector

As part of the DORA compliance briefing, a panel discussion entitled ‘Harmonising compliance for clients with complex or cross-border activities’ at the Digital Operational Resilience Act Conference saw experts in the field address the challenges faced by financial organisations operating internationally, proposing solutions.

Compliance with the EU’s DORA Regulation (Digital Operational Resilience Act) is becoming necessary for all companies in the financial sector, in order to ensure their digital resilience and to deal with the ever-increasing cyber threats.

DORA introduces an innovative framework to strengthen the security of financial institutions and harmonise compliance practices, especially for companies with complex or cross-border activities.

One of the key aspects of the regulation is the need to adopt uniform standards of compliance, regardless of geographic area.

This alignment makes it easier for businesses to develop digital resilience strategies that meet the requirements of DORA and local jurisdictions. This is achieved through common standards and procedures that apply to all countries where organisations operate.

Andreas Potamaris, Senior Manager, Risk Consulting at KPMG Limited, emphasised the need to develop initial compliance policies and have the flexibility to adapt these policies to local jurisdictions.

He further explained that DORA includes requirements that apply to some operations and not to others, depending on the area and nature of the activity.

Constantinos Koumides, Information Security & Privacy Advisor at ICON Advisory, proposed the centralisation of the compliance framework, with the coordination of the main regulatory frameworks in conjunction with the subsidiary companies. In addition, he mentioned the importance of continuous cooperation with regulatory authorities.

On his part, Demetris Antoniou, Senior Manager, Risk Advisory at Deloitte, highlighted the need to examine local regulations and adapt compliance procedures, taking into account additional opportunities or challenges that may arise from local markets.

Christos Yiacoumis, Partner, Cybersecurity Services at Ernst & Young Cyprus Limited, referred to the importance of implementing DORA according to the needs of companies. He emphasised that centralising compliance processes and understanding business requirements is critical to the successful implementation of the regulation.

DORA compliance is a necessity for the digital resilience of financial organisations, making compliance a critical success factor in the global marketplace.

Especially for companies with international operations, the right implementation of DORA offers the opportunity for security, compliance and success in an ever-changing digital landscape, the speakers suggested.

The discussion was moderated by Demetra Kalogerou, former Chairperson of the Cyprus Securities and Exchange Commission.

(Source: InBusinessNews)