At a time when digital resilience is of paramount importance, compliance with regulations such as the Digital Operational Resilience Act (DORA) is essential for financial institutions. DORA, introduced by the European Union, is designed to ensure that financial institutions can withstand, respond to and recover from ICT-related disruptions and threats. An integrated solution that combines IT Asset Management (ITAM), IT Service Management (ITSM) and Software Asset Management (SAM) can help organizations seamlessly meet the stringent requirements of DORA.
Understanding DORA and its requirements
DORA requires robust ICT risk management, reporting and incident response capabilities. Key requirements include:
- ICT risk management: Comprehensive risk management processes to identify, assess and mitigate ICT risks.
- Reporting of ICT incidents: Effective reporting procedures for significant ICT-related incidents.
- Testing digital resilience: Regular testing of ICT systems to ensure resilience.
- Exchange of information: Sharing information about threats and vulnerabilities.
- ICT risk management for third-party providers: Supervision and control of third-party ICT providers.
How integrated ITAM, ITSM and SAM support DORA compliance
1. Improved ICT risk management
An integrated ITAM, ITSM and SAM solution provides a unified approach to managing your ICT environment. ITAM helps identify and track all assets within an organization and ensures that every piece of hardware and software is accounted for. The ITSM framework ensures optimized processes for handling service requests, incidents and changes. By integrating SAM, companies can manage software licenses and ensure compliance with vendor agreements.
A key benefit of this integrated approach is that ITAM and ITSM share the same data, creating a more cohesive and robust ICT management environment. When these systems are connected, changes in asset status, usage and incidents are immediately reflected in both systems, enabling real-time visibility and proactive risk management. This holistic view is critical for identifying vulnerabilities and implementing control mechanisms to meet DORA risk management requirements.
2. Effective reporting of ICT incidents
In the event of an ICT-related incident, timely and accurate reporting is critical. An effective ITSM solution enables efficient incident management, from detection to resolution. With automated workflows and detailed reporting capabilities, organizations can ensure that incidents are logged, tracked and reported in accordance with DORA guidelines. Integration with ITAM ensures that all asset-related data is immediately available when analyzing incidents, enabling faster and more effective responses.
3. Regular resilience tests
DORA requires continuous testing of ICT systems to verify their resilience. While some solutions do not include automated testing and monitoring tools, they can support manual testing and comprehensive documentation of test results. An integrated ITSM solution helps organizations plan and track these tests and ensure that they are performed regularly and thoroughly. This process helps identify potential vulnerabilities and demonstrates a commitment to maintaining operational resilience.
4. Exchange of information and cooperation
A well-integrated platform fosters a culture of collaboration and information sharing. Through centralized data repositories and real-time communication tools, teams can share insights and updates on new threats and vulnerabilities. This collaborative approach not only improves internal awareness, but also aligns with DORA's focus on information sharing across the financial sector.
5. Management of third-party risks
Managing risks associated with third-party providers of ICT services is an important aspect of DORA compliance. ITAM and SAM solutions provide detailed insight into the third-party software and hardware used in an organization. This visibility, combined with the ITSM capabilities for vendor management, enables organizations to effectively monitor and control third-party risks. Regular audits and compliance checks ensure that third-party vendors adhere to security and resilience standards.
Conclusion
An integrated ITAM, ITSM and SAM solution can help organizations meet and maintain DORA requirements. By providing comprehensive ICT risk management, effective incident reporting, regular resilience testing, collaborative information sharing and robust third-party risk management, such a solution not only meets the requirements of DORA, but also strengthens overall digital resilience.
In today's digital landscape, staying ahead of regulatory requirements and protecting financial institutions is critical. Adopting a comprehensive IT management approach is critical to the future of digital operational stability.
