The Digital Operational Resilience Act (DORA) is designed to enhance the cybersecurity and digital resilience of the financial sector. Its primary goal is to protect financial institutions from cyber threats and technological disruptions, focusing specifically on their reliance on third-party information and communication technology (ICT) service providers. DORA – which will be enforced at the beginning of 2025 – applies to a wide range of financial entities, including investment firms, credit institutions, payment institutions, and fund managers, ensuring that their ICT third-party risks are properly managed and supervised.
One of the key obligations under DORA is the Register of Information. This register is part of the broader ICT third-party risk management framework and helps financial entities track and assess the risks associated with their third-party ICT service providers. The register must capture comprehensive data on all contractual arrangements with ICT providers, including details on critical or important services.
What is DORA’s Register of Information Requirement?
The Register of Information requires financial entities to maintain detailed records of their ICT third-party relationships. This means they must distinguish between services that are critical and those that are not. They must report this information to national authorities, detailing new contracts, the type of services provided, and the ICT provider categories. The register includes templates for organizing this data, which must be regularly updated and made available upon request for compliance and regulatory reviews.
Simplify Your TPCRM with Panorays’ Register of Information Feature
The DORA information register is key to enhancing the financial sector’s digital resilience. However, implementing this measure requires significant effort from financial entities.
In addition, the complexity and vast data required in DORA compliance are challenging and have the potential to significantly impact operational processes, demanding significant time and effort to gather information, navigate multiple Excel tabs, and find DORA-specific coding values. Panoray’s new Register of Information feature, however, enhances response accuracy, improves operational efficiency, and ensures smooth DORA compliance.
Create a DORA Register of Information with One Click
You can now effortlessly automate the creation of the DORA “Register of Information” report within your existing third-party cyber risk management (TPCRM) program. Replace DORA’s massive and complex Excel sheet with our streamlined, built-in DORA questionnaire templates. With just one click, you can generate a complete DORA Register of Information report, to send to the relevant Supervisory Authorities (SA), without the hassle of navigating through multi-tabbed spreadsheets.
The benefits of an automated Register of Information include:
- Streamline data collection: Cut down on time and effort by using our pre-built Panorays questionnaire templates, reducing the risk of confusion and errors in DORA’s intricate Excel sheet.
Automate compliance reporting: Easily generate and export DORA’s Register of Information within Panorays, ensuring you meet all regulatory format requirements. - Leverage Panorays tools: Efficiently fulfill DORA’s requirements by utilizing Panoray’s supply chain discovery and cybersecurity questionnaires, replacing the need for complex spreadsheets.
Achieve DORA Compliance with Panorays’ Integrated Solution
Panorays’ latest feature empowers customers to meet DORA requirements effortlessly. By embedding DORA compliance into the regular TPCRM process, Panorays leverages its existing capabilities— such as Cybersecurity questionnaires, communication, remediation, reporting, and AI-driven automation. With DORA requirements already integrated into Panorays’ TPCRM processes, our customers are well-positioned to achieve full compliance without treating it as a separate, standalone procedure.
Want to learn how to effortlessly automate your DORA Register of Information? Start your DORA compliance journey with Panorays today for a faster, smoother process!
