Emphasizing its part in strengthening digital resilience and compliance, this chapter explores the transforming influence of the Digital Operational Resilience Act (DORA) on the banking and trade finance sectors. It starts with looking at DORA's fundamental goals, which seek to make sure financial institutions can endure, react to, and recover from a variety of operational interruptions in an ever-digitized financial environment. The chapter unpacks the essential requirements of DORA, focusing on its mandates for operational risk management, reporting standards, and incident management. The high stakes of non-compliance, including severe penalties and reputational damage, are highlighted, underscoring the need for financial institutions to adopt a proactive approach. The pivotal role of supervisory authorities in monitoring and enforcing compliance is also discussed, showcasing their efforts to uphold digital resilience across the EU. Important new perspectives on the interaction between DORA and other laws such as GDPR and the NIS2 Directive highlight the connectivity of regulatory systems in forming a strong cybersecurity environment.

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Achieving Financing Resilience and Influence on Trade Finance Through DORA

  • Andrea Frosinini,
  • Venu Borra

摘要

Emphasizing its part in strengthening digital resilience and compliance, this chapter explores the transforming influence of the Digital Operational Resilience Act (DORA) on the banking and trade finance sectors. It starts with looking at DORA's fundamental goals, which seek to make sure financial institutions can endure, react to, and recover from a variety of operational interruptions in an ever-digitized financial environment. The chapter unpacks the essential requirements of DORA, focusing on its mandates for operational risk management, reporting standards, and incident management. The high stakes of non-compliance, including severe penalties and reputational damage, are highlighted, underscoring the need for financial institutions to adopt a proactive approach. The pivotal role of supervisory authorities in monitoring and enforcing compliance is also discussed, showcasing their efforts to uphold digital resilience across the EU. Important new perspectives on the interaction between DORA and other laws such as GDPR and the NIS2 Directive highlight the connectivity of regulatory systems in forming a strong cybersecurity environment.