DORA addresses a wide range of operational resilience issues, building on existing frameworks in the EU and the UK but being more prescriptive about ICT and cyber resilience. This new regulation emphasises the importance of third-party vendor management, particularly for ICT services that support critical business functions.
UK-based entities, in particular will need to act quickly to assess whether they fall within DORA’s scope, based on their market activities and operational presence within EU jurisidictions. Complying with DORA not only mitigates legal and operational risks but also enhances your firm’s operational resilience, safeguarding your business and strengthening your reputation with regulators, partners, and clients.
UK-based entities, in particular will need to act quickly to assess whether they fall within DORA’s scope, based on their market activities and operational presence within EU jurisidictions. Complying with DORA not only mitigates legal and operational risks but also enhances your firm’s operational resilience, safeguarding your business and strengthening your reputation with regulators, partners, and clients.
Strengthening contractual agreements
Given the imminent deadline, it is critical for financial institutions to act swiftly to safeguard against the risks associated with non-compliance. Contracts are the first and most essential place to begin this process. Here’s how DWF can help you be leveraging our integrated legal service model to help prepare for DORA compliance efficiently:
- AI-powered DORA compliance playbook: Establish your DORA compliance strategy with AI-driven tools and ‘Humans in the Loop’ led playbook approach to help define risks and requirements specific to your business in plain language.
- ICT vendor classification & gap analysis: Leverage advanced contract review AI capabilities combined with effective expert quality checks to identify and categorise service contracts that are critical to DORA compliance, distinguishing between essential and non-essential services.
- Perform gap analysis on legacy contracts: Extract relevant clauses from your existing contracts, identifying compliance gaps and aligning your legacy agreements with DORA requirements. Our Cybersecurity subject matter experts review compliance gaps to ensure accuracy and thoroughness in your contract updates.
- Seamlessly initiate amendments: Leverage expertise of our legal teams to amend existing contracts or draft new provisions that ensure full compliance with DORA’s rigorous standards.
- Ongoing compliance tracking & incident management: We can help monitor contract amendments and compliance on incoming contracts in real-time using a customisable dashboard, ensuring all obligations and service levels are met, while tracking compliance over the long term.
Achieving DORA compliance across all your ICT contracts is crucial. While it can be challenging to review numerous contracts from various ICT vendors and address non-compliance, DWF’s integrated legal services approach leverages AI to simplify the process, making it easier and more efficient.
If you would like our support in achieving DORA compliance please get in touch with our experts.
