On May 10, the European Council, Commission, and Parliament announced a tentative political consensus on the Digital Operational Resilience Act (DORA). This agreement aims to establish a uniform framework across the EU regarding operational resilience, which we believe will significantly foster the digital transformation of the EU Financial Services sector.
Pursuing Optimal Outcomes for the Financial Services Industry
DORA will mandate new obligations for both third-party providers, including cloud service providers, and financial institutions. The Act encompasses enhancements in information and communications technology (ICT) and security risk management protocols, a standardized approach to ICT incident reporting, the creation of a digital operational resilience testing framework, and oversight mechanisms for critical ICT third-party providers. The final text is pending publication in the Official Journal of the EU, with the rules set to take effect 24 months after they are enacted. We are committed to assisting our clients in understanding these new requirements and facilitating their transition to the updated framework.
Looking Ahead
We at AWS will maintain our collaboration with regulators and authorities throughout the DORA implementation phase to ensure it achieves its goals of improved operational resilience while also nurturing innovation in the EU Financial Services sector. We are ready to support our clients as they explore new avenues for experimentation, competitiveness, and compliance with consumer expectations, all while developing innovative products and services in the cloud that align with the new regulatory landscape.
For additional insights on compliance with DORA and its relevance to your use of AWS, you can find more information here, and feel free to reach out to us here. Our team of experts in policy, regulation, and technology with Financial Services experience is prepared to assist you. If you’re looking for a detailed analysis of this subject, check out this authoritative article.
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