DORA Regulations
Complying with DORA regulations is no small undertaking for compliance teams. The EU Regulations require financial institutions’ systems to be compliant and target financial services’ reliance on third-party suppliers providing ICT systems or services.
Failure to comply by January 2025 can result in fines of up to 1% of the daily average turnover, and that is just the impact above the surface.
Scope of DORA
DORA builds on previous industry-specific guidelines to define requirements around consistent ICT risk management; comprehensive resilience testing capabilities and third-party risk management, ensuring a consistent provision of services across the entire value chain.
The DORA Act requires all financial services to be compliant ment ahead of the 17th January 2025 deadline.
Identify your ICT Critical Vendors
Identify your critical ICT suppliers and the contracts you need to prepare for DORA regulations, with automation. Brooklyn’s Digital Assessments fully automates management capabilities but sends questionnaires to your entire supply chain at the click of a button.
Results are prepopulated into the platform, so no chasing is required, and information is brought to your attention automatically. Allowing you to segment your critical suppliers with ease.
AI-Contract Analysis
Finding clauses was never so easy. Digitise your contracts and review in bulk. Using our GenAI Assistant ‘Ask Brooklyn’ eliminate manual data consumption and identify the clauses which are present and those that are not.
If not up to regulatory standards, automate a risk to alert you that you need to reach out to the supplier, and use our automated workflows to accelerate the process. Remove the headache, knowing you are way ahead of the deadline.
Automated Audits
Using Brooklyn’s multi-step processes, trigger automated yearly audits of your third parties with a best practice process in place so your team knows exactly what to do, and when and obtain a full audit trail of your processes for when you need it.
Curious how a Digital Platform ways up against a spreadsheet for DORA? Here are 7 reasons why Digital Platforms win every time.
Risk Management
Visibility at your fingertips. A high-level snapshot of your third parties, with risk profiles, active risks, rating and a full audit log of incidents, progress and resolved issues, ready to share with the regulators, at any time.
Risk Capture in Real-time
Capture risks comprehensively through reviews, surveys, and assessments ensuring third-party risk is not missed. The Risk Register provides an automated log for real-time action tracking, prompting risk owners for necessary steps. Utilise risk scoring to establish mitigation measures aligned with risk policies and secure outsourcing practices.
