EU DORA’s Article 6 delves into the critical subject of managing third-party ICT risks in the financial industry. Above, we have provided a comprehensive video lesson to break down this complex regulation into actionable steps.
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Unveiling the Intricacies of Article 6
Article 6 emphasizes the need for robust third-party ICT risk management, focusing on:
- Due Diligence: Examine third-party vendors for their ICT risk profile before entering into contracts.
- Continuous Monitoring: Establish protocols to regularly assess and update the ICT risk posed by third parties.
- Contracts and SLAs: Ensure that legal agreements with third parties adequately cover ICT risks and liabilities.
Steps to Ensure Compliance
- Vendor Evaluation: Utilize a multi-point checklist to evaluate the ICT risk posed by third-party vendors.
- Contract Clauses: Integrate risk mitigation measures and liabilities into all third-party contracts.
- Monitoring Tools: Leverage specialized monitoring tools to get real-time updates on third-party risks.
- Response Plan: Develop contingency plans for scenarios where a third-party failure leads to an ICT risk.
Upgrade Your Compliance Strategy with Xiphos
Navigate the complexities of DORA with greater ease by joining our Premium flagship program, Business Security and Resilience. The program offers an extensive range of documentation templates, tools, and expert support to streamline your compliance journey.
Tailored Consultation Services
For organizations looking for specialized assistance in third-party ICT risk management, we offer direct consultation services.
Article 6 of the EU DORA regulation encapsulates a pivotal aspect of ICT risk management. It provides a robust framework for financial entities to secure themselves and their clients. At Xiphos, we’re committed to simplifying this process for you.
