Article 5 of the EU’s Digital Operational Resilience Act (DORA) plays a pivotal role in steering the ICT risk management initiatives for financial entities. For a straightforward understanding, we’ve included a video lesson at the top of this article.
You can also opt to view this lesson by registering for our FREE DORA Course on the Business Security and Resilience portal.
Why Opt for the FREE DORA Course Registration?
Registering gives you:
- Notifications on new DORA-focused articles and lessons.
- Access to quarterly live Q&A sessions to resolve any of your DORA-related questions.
Decoding Article 5
This cornerstone article lays the groundwork for how a financial entity should construct its ICT risk management framework. The salient points include:
- ICT Risk Appetite: The formulation of an ICT risk strategy that aligns with the organization’s overall risk appetite.
- Multi-layered Risk Assessment: This mandates the regular identification, classification, and evaluation of ICT-related risks.
- Monitoring & Reporting: Continuous tracking of ICT risks and the reporting mechanism involved.
How to Achieve Compliance?
- Top-down Approach: Begin with buy-in from the leadership for resource allocation and endorsement of risk management strategies.
- Alignment: Merge ICT risk management with your overall corporate strategy.
- Holistic Assessment: Regular audits and assessments to identify and remedy vulnerabilities.
- Education: Staff training and awareness programs to instill risk management best practices.
Take Your Compliance to the Next Level with Xiphos
Compliance is not merely about ticking boxes; it’s about achieving true resilience. Our Premium flagship program, Business Security and Resilience, offers an array of tools, 1-on-1 expert support, and invaluable resources to make your DORA compliance seamless.
For specialized, one-on-one guidance on your DORA compliance, consider booking a consultation with us.
Your journey towards mastering EU DORA Article 5 starts here. With the right direction and support, compliance is not a hurdle but a valuable business asset. Trust Xiphos to guide you through it.