The Digital Operational Resilience Act (Regulation (EU)
2022/2554) solves an important problem in the EU financial
regulation, as it "aims to consolidate and upgrade ICT risk
requirements as part of the operational risk requirements that
have, up to this point, been addressed separately in various Union
legal acts. While those acts covered the main categories of
financial risk (e.g. credit risk, market risk, counterparty credit
risk and liquidity risk, market conduct risk), they did not
comprehensively tackle, at the time of their adoption, all
components of operational resilience."
What are the key components of DORA?
Essentially, DORA is divided into five key pillars, as
summarised below:
