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.
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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.