The Digital Operational Resilience Law (DORA) represents a significant regulatory change for Financial Services Institutions (IFS) that operate throughout the European Union (EU). It is a regulation designed to protect financial institutions against cyber threats by strengthening risk safety and technical standards systems for incident notification, resilience tests, third -party subcontracting and technology suppliers. The Dora Law proposes to consolidate and improve the risk management requirements related to information and communications technologies (ICT) throughout the financial sector and its supply chain.
The main objective of the Dora law is to prevent and mitigate cyber threats, guaranteeing that all participants in the financial system have the necessary measures to minimize these risks. The regulations cover multiple types of financial institutions, such as investment companies, credit institutions and payment institutions, among others, operating in all EU member states from January 17, 2025.
Following their implementation, the ISF will face a series of challenges to correctly comply with the regulation. These challenges cover several areas of the organization, from governance to technology, and from Appian we coordinate the different approaches to respond and provide the necessary strategy thus guaranteeing the correct compliance with the regulations so that financial service organizations can maintain their advantage competitive.
Greater challenges for ISF
Due to the new Dora Law, financial services institutions face challenges in relation to governance and supervision of ICT tools, systems, systems and suppliers, as well as risk management applications and reporting tools for third -party reports. Therefore, and beyond traditional supervision practices, it will require institutions to demonstrate an integral understanding of their responsibilities and risks throughout their supply chain.
The Digital Operational Resilience Law (DORA) represents a significant regulatory change for Financial Services Institutions (IFS) that operate throughout the European Union (EU)
Likewise, the Dora Law can cause a greater complexity of compliance, giving results to high costs for financial services institutions. The requirements could require a significant review of the current compliance frameworks of organizations to meet the requirements. It is possible that significant investments are required, particularly in new technologies and expenses in staff training and process reengineering.
Operational and ICT resilience standards will require FSI to update their infrastructure and improve data management to meet the requirements. Investment in artificial automation and intelligence offers a solution, since these technologies can help manage large amounts of complex data and tasks. While the initial investment in these technologies can be high, earnings in long -term productivity and efficiency are well worth the initial costs.
Address these implications through automation
Intelligent automation like the one we offer on the Appian platform can play a vital role to help ISF to overcome these challenges. By using automation, heavy work of regulatory change will be subsidized, since it will expedite processing and guarantee coherence between
The different business lines. In addition, automation can help organizations stay updated with regulatory changes and quickly address any material impact on data classification and/or criticality of the service. For example, an organization could use the APPIAN platform processes automation to manage the evaluation and impact of regulatory changes throughout its organization and integrate a horizon scan tool to alert them about upcoming regulatory events. Automating the orchestration of incident management would also reduce response times and ensure that companies are more able to meet the requirements of the Dora law for the response and notification of incidents.
Use of AI to complement the automated approach
Through AI, companies could allow a better data flow and faster decision making. Appian’s This is important, especially in pressure environments, such as market stress conditions.
For example, the support of the workflow based on AI can relieve staff tasks, reducing the workload of compliance analysts by providing users with information on similar consultations previously addressed. This allows information to be directed efficiently between those who ask questions and compliance analysts who answer. In general, this provides faster and more effective solutions.
An integrated approach for Dora
The implications of the Dora Law for financial services institutions are of great reach. From better governance and risk management with third parties to pressure on technological infrastructure and strategic change towards centralized compliance, Dora represents an important regulatory challenge. By adopting a proactive and integrated approach with automation and greater resilience, financial institutions can convert compliance challenges into a competitive advantage.
The adoption of work flow tools promoted by AI like the one we develop in Appian can help reduce response times and manual loads, resulting in faster and more precise responses to incidents and challenges, which ultimately conducts to a more timely fulfillment of regulatory actions.
