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ARTICLE · 19 MAY 2023

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DORA: Management Of ICT Third-Party Risk

William Fry LLP
William Fry LLP
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William Fry LLP

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In this first follow-on article, we look at what DORA and the DORA Amending Directive envisage regarding the management of ICT third-party risk. This is a critical area of DORA and the DORA...

IrelandTechnology
Shane Kelleher
Shane Kelleher
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At the start of this year, our article on Regulation EU 2022/2554 (DORA) and Directive EU 2022/2556 (DORA Amending Directive) (which is accessible here) provided an overview of the background to DORA and the DORA Amending Directive and some key aspects.

In this first follow-on article, we look at what DORA and the DORA Amending Directive envisage regarding the management of ICT third-party risk. This is a critical area of DORA and the DORA Amending Directive, as "third-party" under both pieces of legislation means not only external third-party service providers but also service providers who are intra-group entities and entities which are subsidiaries.

General Principles

Article 28 of DORA specifies that financial entities will need to manage their ICT third-party risk in accordance with the following principles:

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