DORA’s Register of Information: A Streamlined Solution
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 is challenging and demands significant time and effort from financial entities. It requires gathering extensive contract details from both internal and external sources, entering them across 17 complex spreadsheet tabs with DORA-specific coding values, and validating the data to ensure it is completed accurately before submission.
Panorays new Register of Information feature enhances response accuracy, improves operational efficiency, and ensures seamless 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 advanced mapping capabilities, you can eliminate the confusion and errors of creating multiple records. Before submission, simply ensure all fields are complete and validate your answers in an organized and simple format.
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, with the advanced mapping capabilities, 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.
- Data validation: Gain full visibility into the data you’ve entered by reviewing a single dashboard that summarizes your inputs in a clear, easy-to-read format, for quickly making fixes and updates.
- Leverage Panorays tools: Efficiently fulfill DORA’s requirements by utilizing Panoray’s supply chain discovery and cybersecurity questionnaires, replacing the need for complex spreadsheets.
- Collaboration with stakeholders: Increase efficiency and accuracy by enrolling internal stakeholders and third parties in the information-gathering process.
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!
DORA Register of Information FAQs
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DORA primarily targets European financial institutions like banks, insurance companies, and pension funds, as well as ICT third-party providers like cloud and software vendors. It also affects global businesses providing critical services to the EU’s financial sector.
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The DORA Register of Information must include details about third-party ICT providers, such as their identification, criticality, service descriptions, risks, location, and compliance status. It also requires information on contracts and agreements. This register helps financial institutions manage third-party risks and ensure compliance with DORA regulations.
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imThe purpose of the DORA Register of Information is to provide financial institutions with a comprehensive record of their third-party ICT service providers. It helps track and manage risks associated with these providers, ensuring compliance with DORA regulations. This register enables better oversight, risk management, and resilience within the financial sector.
