The EU's new regulation, the Digital Operational Resilience Act (DORA), represents a significant shift in how financial operations must work with digital resilience. The regulation requires structured incident reporting, effective risk management, robust IT processes, and control of third-party providers. To meet these requirements, both well-functioning processes and a system support that ensures quality and traceability in reporting are needed.
A complex regulation requires clear governance
The implementation of DORA has involved significant adjustments for many actors. Reporting requires detailed information, and the process demands high standards of data quality, structure, and validation.
To succeed, clear internal responsibilities are required – but also a technical framework that facilitates and automates large parts of the reporting flow. Therefore, system support plays a crucial role in achieving compliance.
Data quality and integration – two central challenges
Many organizations have found that data from existing contract systems is not sufficiently structured for direct reporting. This has, in some cases, led to the need for improved data governance or new technical solutions.
Some businesses have chosen to build new systems from scratch, while others have tried to integrate DORA requirements into existing platforms. Regardless of the approach, experiences show that strong system support reduces the need for manual efforts and improves both quality and traceability.
Towards a unified solution – the need for Softadmin® Compliance Hub
The development points to a growing need for unified solutions, often called Compliance Hubs, that can handle multiple regulatory requirements in a consistent manner. Such a platform enables:
- Collection of structured data from various sources
- Automated validation flows
- Traceability and history
- Scalability for future regulatory requirements
Depending on the size of the organization, different solutions may be relevant. Larger companies tend to manage separate support systems for different regulations, while smaller actors often seek a more unified solution with lower complexity.
Learn more about Compliance Management - with a focus on automation
Systems and processes must go hand in hand
To live up to DORA's intentions, more than technology is required. Organizations need to ensure that processes for risk management, incident reporting, and supplier management are coordinated and integrated with the technical support.
A well-thought-out system support not only enables compliance but also strengthens the organization's digital resilience fundamentally.
