Decoding the Digital Operational Resilience Act (DORA): CalQRisk’s Jargon Buster

Navigating the complexities of regulatory compliance can be daunting, especially with evolving digital landscapes. Enter the Digital Operational Resilience Act (DORA), the EU’s ground-breaking regulation aimed at enhancing the digital resilience of financial institutions. For those new to DORA, the plethora of technical jargon can be overwhelming. Thankfully, CalQRisk has developed a Jargon Buster to simplify these complexities.

Understanding DORA

DORA is a regulatory framework designed to ensure that financial entities can withstand, respond to, and recover from all types of ICT-related disruptions and threats. It encompasses a wide range of measures, including risk management, incident reporting, and third-party risk monitoring.

CalQRisk’s Jargon Buster

CalQRisk’s Jargon Buster is an invaluable resource, demystifying the terminology used in DORA. Here’s a glimpse of what it covers:

1. ICT Risk: Information and Communication Technology (ICT) risks refer to potential threats to digital and communication systems that could disrupt business operations.
2. Critical or Important Function: These are essential operations within an organisation that must be maintained to ensure its stability and service continuity.
3. Third-Party Risk Management: The assessment and mitigation of risks posed by external vendors and service providers, crucial for maintaining operational integrity.

Why It Matters

The Jargon Buster serves as a bridge between regulatory requirements and practical application. By breaking down complex terms into digestible explanations, CalQRisk enables financial institutions to better understand and implement DORA’s provisions. This clarity not only aids compliance but also enhances overall operational resilience.

Conclusion

As digital threats evolve, so too must our approach to resilience. DORA represents a significant step forward, and tools like CalQRisk’s Jargon Buster are essential in helping organisations navigate this new landscape. Embracing these resources ensures that financial institutions are not only compliant but also robustly protected against the ever-changing spectrum of digital risks.

To learn more about CalQRisk’s Operational Resilience Solution and Solution for the Digital Operational Resilience Act, request a free tailored demo today.