Strengthening Financial Services Resilience

With increasing digital threats and operational risks, the Digital Operational Resilience Act (DORA) is a key regulatory framework ensuring that financial services firms across the EU maintain a high level of digital resilience. Effective from 17 January 2025, DORA introduces a harmonised approach to ICT risk management, incident reporting, and oversight of third-party providers.

Financial services organisations must now take a proactive stance to protect against cyber threats, operational failures, and third-party vulnerabilities. This requires embedding digital resilience into the core of business strategies, balancing regulatory compliance with innovation and growth.

Preparing for Compliance

Firms across Ireland and Europe are at different stages of DORA readiness. Some have well-defined implementation plans, while others are still conducting gap analyses. Given the strict regulatory enforcement and potential fines of up to 2% of global turnover, firms must ensure they are on track.

  • Minimum Mandatory Compliance: By January 2025, all financial entities must have a Board-approved ICT Risk Management Framework, incident classification and reporting processes, and a Register of Information (RoI) in place.
  • Operational Maturity (2026+): Moving beyond compliance, firms should integrate automation, AI-driven monitoring, and long-term resilience strategies.

DORA Event Highlight's

David Spollen, Director, Technology Risk

Why Work with EY?

EY brings deep expertise in financial services resilience, helping firms navigate the regulatory demands of the Digital Operational Resilience Act (DORA). Our teams have extensive experience supporting organisations with ICT risk management, cyber security, and third-party oversight, ensuring compliance while driving long-term digital resilience. Leveraging insights from global regulatory frameworks, we offer practical strategies tailored to your business. Whether you’re conducting a gap analysis or integrating automation and AI-driven monitoring, EY’s specialists work alongside your teams to strengthen resilience and safeguard your operations.