My favourites

Chapter II – ICT risk management (Art. 5-16)

Art. 5 DORA - Governance and organisation arrow_right_alt

  1. Financial entities shall have in place an internal governance and control framework that ensures an effective and prudent management of ICT risk, in accordance with Article 6(4), in order to achieve a high level of digital operational resilience.
  2. The management body of the financial entity shall define, approve, oversee and be responsible for the implementation of all arrangements related to the ICT risk management framework referred to in Article 6(1).

For the purposes of the first subparagraph, the management body shall:

    1. bear the ultimate responsibility for managing the financial entity’s ICT risk;
    2. put in place policies that aim to ensure the maintenance of high standards of availability, authenticity, integrity and confidentiality, of data;
    3. set clear roles and responsibilities for all ICT-related functions and establish appropriate governance arrangements to ensure effective and timely communication, cooperation and coordination among those functions;
    4. bear the overall responsibility for setting and approving the digital operational resilience strategy as referred to in Article 6(8), including the determination of the appropriate risk tolerance level of ICT risk of the financial entity, as referred to in Article 6(8), point (b);
    5. approve, oversee and periodically review the implementation of the financial entity’s ICT business continuity policy and ICT response and recovery plans, referred to, respectively, in Article 11(1) and (3), which may be adopted as a dedicated specific policy forming an integral part of the financial entity’s overall business continuity policy and response and recovery plan;
    6. approve and periodically review the financial entity’s ICT internal audit plans, ICT audits and material modifications to them;
    7. allocate and periodically review the appropriate budget to fulfil the financial entity’s digital operational resilience needs in respect of all types of resources, including relevant ICT security awareness programmes and digital operational resilience training referred to in Article 13(6), and ICT skills for all staff;
    8. approve and periodically review the financial entity’s policy on arrangements regarding the use of ICT services provided by ICT third-party service providers;
    9. put in place, at corporate level, reporting channels enabling it to be duly informed of the following:
      1. arrangements concluded with ICT third-party service providers on the use of ICT services,
      2. any relevant planned material changes regarding the ICT third-party service providers,
      3. the potential impact of such changes on the critical or important functions subject to those arrangements, including a risk analysis summary to assess the impact of those changes, and at least major ICT-related incidents and their impact, as well as response, recovery and corrective measures.
  1. Financial entities, other than microenterprises, shall establish a role in order to monitor the arrangements concluded with ICT third-party service providers on the use of ICT services, or shall designate a member of senior management as responsible for overseeing the related risk exposure and relevant documentation.
  2. Members of the management body of the financial entity shall actively keep up to date with sufficient knowledge and skills to understand and assess ICT risk and its impact on the operations of the financial entity, including by following specific training on a regular basis, commensurate to the ICT risk being managed.
Close tabsclose
  • 38
  • 45
  • 46

Recital 38

As larger financial entities might enjoy wider resources and can swiftly deploy funds to develop governance structures and set up various corporate strategies, only financial entities that are not microenterprises in the sense of this Regulation should be required to establish more complex governance arrangements. Such entities are better equipped in particular to set up dedicated management functions for supervising arrangements with ICT third-party service providers or for dealing with crisis management, to organise their ICT risk management according to the three lines of defence model, or to set up an internal risk management and control model, and to submit their ICT risk management framework to internal audits.

Recital 45

To ensure full alignment and overall consistency between financial entities’ business strategies, on the one hand, and the conduct of ICT risk management, on the other hand, the financial entities’ management bodies should be required to maintain a pivotal and active role in steering and adapting the ICT risk management framework and the overall digital operational resilience strategy. The approach to be taken by management bodies should not only focus on the means of ensuring the resilience of the ICT systems, but should also cover people and processes through a set of policies which cultivate, at each corporate layer, and for all staff, a strong sense of awareness about cyber risks and a commitment to observe a strict cyber hygiene at all levels. The ultimate responsibility of the management body in managing a financial entity’s ICT risk should be an overarching principle of that comprehensive approach, further translated into the continuous engagement of the management body in the control of the monitoring of the ICT risk management.

Recital 46

Moreover, the principle of the management body’s full and ultimate responsibility for the management of the ICT risk of the financial entity goes hand in hand with the need to secure a level of ICT-related investments and an overall budget for the financial entity that would enable the financial entity to achieve a high level of digital operational resilience.

Art. 6 DORA - ICT risk management framework arrow_right_alt

Art. 7 DORA - ICT systems, protocols and tools arrow_right_alt

Art. 8 DORA - Identification arrow_right_alt

Art. 9 DORA - Protection and prevention arrow_right_alt

Art. 10 DORA - Detection arrow_right_alt

Art. 11 DORA - Response and recovery arrow_right_alt

Art. 12 DORA - Backup policies and procedures, restoration and recovery procedures and methods arrow_right_alt

Art. 13 DORA - Learning and evolving arrow_right_alt

Art. 14 DORA - Communication arrow_right_alt

Art. 15 DORA - Further harmonisation of ICT risk management tools, methods, processes and policies arrow_right_alt

Art. 16 DORA - Simplified ICT risk management framework arrow_right_alt