{"id":531930,"date":"2024-12-17T09:00:00","date_gmt":"2024-12-17T14:00:00","guid":{"rendered":"https:\/\/www.commvault.com\/?p=531930"},"modified":"2024-12-16T15:15:50","modified_gmt":"2024-12-16T20:15:50","slug":"risk-management-and-dora","status":"publish","type":"post","link":"https:\/\/www.commvault.com\/blogs\/risk-management-and-dora","title":{"rendered":"Risk Management and DORA: Preparing for the Unexpected"},"content":{"rendered":"\n

Whether it\u2019s a sudden market shift, a cybersecurity breach, or a regulatory change, the unexpected can strike at any moment. Being prepared is key to navigating these challenges successfully. This is where risk management and the Digital Operational Resilience Act (DORA) \u2013 a regulatory framework that takes effect in January to help protect financial institutions from disruptions like cyberattacks \u2013 come into play.<\/p>\n\n\n\n

DORA applies to a wide range of financial entities in the European Union, including credit institutions, investment firms, payment institutions, and electronic money institutions. It also covers critical third-party service providers. Let\u2019s explore how DORA\u2019s risk management requirements can help you stay ahead of the game and keep your organization resilient in the face of uncertainty.<\/p>\n\n\n\n

What Is Risk Management?<\/h4>\n\n\n\n

Risk management is the process of identifying, assessing, and prioritizing risks followed by the application of resources to minimize, monitor, and control the probability or impact of unfortunate events. Effective risk management isn\u2019t just about avoiding disasters; it\u2019s about creating a robust framework that supports your strategic goals and enhances your decision-making.<\/p>\n\n\n\n

Risk management helps protect your organization\u2019s assets, including financial resources, physical property, and reputation. By identifying potential threats, you can take proactive steps to mitigate them.<\/p>\n\n\n\n

Investors, customers, and employees are more likely to trust and support an organization that demonstrates a strong commitment to risk management. Understanding risks helps you make better strategic decisions. It allows you to allocate resources more effectively and focus on areas that truly matter..<\/p>\n\n\n\n

How DORA Aligns with Risk Management<\/h4>\n\n\n\n

DORA and risk management are closely aligned, as both focus on preparing for and mitigating potential disruptions. Here\u2019s how DORA\u2019s components fit into a broader risk management strategy:<\/p>\n\n\n\n

    \n
  1. Risk management framework:<\/strong>\u00a0DORA requires financial entities to establish a comprehensive risk management framework. This framework should include policies, procedures, and controls to identify, assess, and manage risks. It\u2019s like having a detailed map of potential hazards, allowing you to navigate them more effectively.<\/li>\n\n\n\n
  2. Incident reporting:<\/strong>\u00a0Timely and accurate incident reporting is crucial for maintaining operational resilience. By reporting incidents, you can quickly address issues and learn from them, reducing the likelihood of similar events in the future.<\/li>\n\n\n\n
  3. Testing and exercises:<\/strong>\u00a0Regular testing and exercises are essential for verifying that your systems and processes can handle disruptions. This might include simulated cyberattacks, system outages, or other scenarios. It\u2019s like practicing fire drills to so that everyone knows what to do in an emergency.<\/li>\n\n\n\n
  4. Third-Party Dependencies<\/strong>: Many financial entities rely on third-party service providers for various operations. DORA emphasizes the importance of managing these dependencies so that they do not pose a risk to your operational resilience. This involves conducting due diligence, establishing service-level agreements (SLAs), and monitoring performance.<\/li>\n<\/ol>\n\n\n\n

    Best Practices for Risk Management and DORA Compliance<\/h4>\n\n\n\n
      \n
    1. Stay Informed:\u00a0<\/strong>Keep up to date with the latest regulatory changes and industry best practices. This will help you stay ahead of the curve and confirm your risk management framework remains effective.<\/li>\n\n\n\n
    2. Collaborate:<\/strong>\u00a0Work closely with other departments and stakeholders to create and maintain a holistic approach to risk management. Collaboration can help you identify and address risks that might otherwise go unnoticed.<\/li>\n\n\n\n
    3. Continuous improvement:<\/strong>\u00a0Risk management is an ongoing process. Regularly review and update your risk management approach so that it stays relevant to the current state of your organization.<\/li>\n\n\n\n
    4. Technology investment:<\/strong>\u00a0Invest in the right technology to support your risk management efforts. This might include risk management software, cybersecurity tools, and data analytics platforms.<\/li>\n\n\n\n
    5. Cultural shift:<\/strong>\u00a0Foster a culture of operational resilience within your organization. Encourage employees to report potential risks and participate in risk management activities.<\/li>\n<\/ol>\n\n\n\n

      The Future of Risk Management and DORA<\/h4>\n\n\n\n

      As technology continues to evolve, so too will the risks and challenges faced by financial entities. DORA is a step in the right direction, but it\u2019s just the beginning. Here are some trends to watch:<\/p>\n\n\n\n

      Artificial Intelligence (AI)<\/strong> can help automate risk management processes, making them more efficient and effective. For example, AI can be used to detect and respond to cyber threats in real-time.<\/p>\n\n\n\n

      Cloud security<\/strong> will become increasingly important as more organizations move to the cloud. DORA\u2019s requirements will likely evolve to address this growing concern.<\/p>\n\n\n\n

      Regulatory changes<\/strong> are a constant, as governing bodies update their guidelines to address new risks. Stay informed and be prepared to adapt as needed.<\/p>\n\n\n\n

      Global standards<\/strong> for operational resilience will likely emerge as more countries adopt similar regulatory frameworks. This will make it easier for organizations to operate across different jurisdictions.<\/p>\n\n\n\n

      Protect Your Organization with a Proactive Approach<\/strong><\/p>\n\n\n\n

      Risk management and DORA are powerful tools for preparing for the unexpected. By establishing a robust risk management framework and maintaining DORA compliance, you can help protect your organization\u2019s assets, maintain stakeholder confidence, and achieve your strategic goals. Remember, the key to success is a proactive and continuous approach. Stay informed, collaborate with stakeholders, and invest in the right technology to build a resilient and thriving organization.<\/p>\n\n\n\n

      With the right tools and strategies, you can turn potential threats into opportunities for growth and improvement. So, take the first step today and start preparing for the unexpected. Your organization\u2019s future depends on it.<\/p>\n","protected":false},"excerpt":{"rendered":"

      How to create a framework to help protect your organization.<\/p>\n","protected":false},"author":154,"featured_media":531931,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_custom_css":"","_custom_js_footer":"","_page_background_color":"","_remove_from_search":false,"_dark_mode":false,"_light_footer_mode":false,"_sidebar_form":{"id":"","name":"","cta":"","redirect":""},"_alert_notification_bar":{"show":true,"bg_color":"","content":"","call_to_action_label":"","call_to_action_link":""},"_footer_cta":{"show":false,"title":"","subtitle":"","cta_text":"","cta_link":"","background":{"id":0,"url":""}},"_cmv_customer_logo":{"id":0,"url":""},"_jetpack_memberships_contains_paid_content":false,"i18n_hreflangs":"","footnotes":""},"categories":[212],"tags":[],"cmv_author":[1538],"class_list":{"0":"post-531930","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-security-and-compliance-2","8":"cmv_author-the-collaborative","9":"entry"},"yoast_head":"\nRisk Management and DORA: Preparing for the Unexpected<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commvault.com\/blogs\/risk-management-and-dora\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Risk Management and DORA: Preparing for the Unexpected\" \/>\n<meta property=\"og:description\" content=\"How to create a framework to help protect your organization.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commvault.com\/blogs\/risk-management-and-dora\" \/>\n<meta property=\"og:site_name\" content=\"Commvault - 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