DORA: Due diligence considerations for third-party risk management

The financial sector has grown rapidly in Europe over the past two decades, and one of the key advancements has been digitalization. New companies are built digitally as default, and legacy companies have been working in recent years to overhaul their systems to keep pace.

It’s widely recognized that COVID-19 was a huge catalyst for digitization across almost all industries - but particularly the financial sector. Consumer-facing banks and financial institutions (FIs) had to react quickly to keep up with changing expectations and usage, and B2B FIs had to navigate an entirely new landscape to better support their business customers as they faced needing to survive or thrive depending on their industry.

But with digitization comes even more exposure to cyber threats. In response, the European Union (EU) has introduced the Digital Operational Resilience Act (DORA) to provide a clear set of guidelines for enhancing cybersecurity across the industry.

For enterprise organizations in the financial sector - particularly those with a global footprint - keeping up with ever-changing risks and regulations can feel overwhelming.

As regulators continue to crack down to better protect highly regulated companies and their customers, and due diligence faces more scrutiny, this eGuide will serve as a comprehensive overview of:

• What DORA covers and why it’s needed
• What key elements should be included in due diligence checks to ensure continuous compliance
• How businesses can manage third party supplier risk
• How risk leaders can be assured in their due diligence processes

To download the eGuide, The EU AI Act: A guide for risk professionals to due diligence, click here.