Insights

The DORA countdown: 8 months to become compliant with the regulation

23rd April 2024 at 10:00 hrs

In the digital age, the thin line between operational resilience and vulnerability is becoming increasingly apparent in the financial sector. Digital Operational Resilience Act (Regulation 2022/2554 or “DORA”) and the DORA Amending Directive on the horizon, set to take effect on 17 January, 2025, the countdown has begun for all financial entities to be consider and take concrete steps to ensure they are in line with the new set of requirements under the aforementioned legislation. Financial entities are to ensure that their current governance structure, the risk management framework they have in place, their existing arrangements with ICT service providers, and their policies including those related to the classification, management and reporting ICT incidents are in line with what is mandated under DORA. Failure to comply with DORA obligations could not only lead to regulatory breaches but also to unprecedented challenges and ICT risks for financial entities. The law is expecting all financial entities to fortify their digital defences.

Why Attend?

Hosted by the expert DORA team at Ganado, this urgent webinar is designed to jolt financial entities into action. Learn about the critical aspects of DORA, the profound implications of non-compliance, and the strategic measures you must take to ensure your organization does not just survive but thrives in the new regulatory landscape. This session is the first in a trilogy of Ganado DORA Webinars, each dedicated to dissecting a distinct facet of the regulation. Throughout this webinar, we will help you navigate through the voluminous and intricate regulation and its lengthy technical standards, to ensure that you can adeptly manage and excel under these new mandates.

• The DORA Imperative: Unpacking the urgency and criticality of complying with the Digital Operational Resilience Act and its amending directive.
• MFSA’s Clarion Call: Analyzing the MFSA’s open letter and what it signifies for Board members and CEOs in the countdown to DORA implementation.
• Navigating the Compliance Maze: Breaking down the thirteen guidance notes and technical standards under DORA and mapping out a clear path to compliance.
• Proportionality: applying DORA on a proportional basis taking into account the size and overall risk profile, as well as the nature, scale and complexity of the services, activities and operations of the significant number of financial entities caught by DORA (ranging from large and complex financial entities to smaller ones) becomes crucial to ensure compliance with DORA whilst not going over-board and incurring avoidable costs.
• Expert Guidance on Fast Tracking Compliance: How Ganado’s specialized DORA team can be your ally in not just meeting but exceeding the Regulation’s and MFSA’s expectations

Moderator
Stephanie Farrugia, Senior Associate at Ganado Advocates

Participants
James Debono, Senior Associate
Beppe Sammut, Senior Associate
Luigi Farrugia, Associate

Participation is free of charge upon registration.