Understanding reporting requirements is pivotal for any financial entity, and EU DORA’s Article 7 is a cornerstone in setting these standards. To help you navigate this complex regulatory landscape, we’ve provided a comprehensive video lesson above.
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Exploring Article 7: Key Highlights
Article 7 elaborates on:
- Incident Reporting: The parameters for which incidents need to be reported and the timeline for doing so.
- Data Collection: What kind of data should be included in reports.
- Escalation Protocols: Identifying which incidents must be escalated to higher management or authorities.
Practical Steps to Compliance
- Categorization: Determine the types of incidents that fall under the mandatory reporting umbrella as per Article 7.
- Data Points: Standardize the data that should be included in these reports.
- Timeline: Establish a robust internal process to ensure that reports are submitted within the timelines stipulated by the regulation.
Elevate Your Compliance with Xiphos
To further simplify your route to DORA compliance, consider joining our Premium flagship program, Business Security and Resilience. This program provides extensive support, documentation templates, and tools designed to guide you seamlessly through the regulatory maze.
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If you require bespoke solutions tailored to your organization’s needs, we offer direct consultation services.
Article 7 not only mandates what to report but instructs you on how to do it efficiently and compliantly. Navigating the reporting requirements set forth by this article is no small feat, but with the right guidance from Xiphos, you’re well on your way to achieving DORA compliance.