The EU's Digital Operational Resilience Act (DORA) goes into force next month, and SAP and Deloitte have teamed up to help you stay compliant. Discover our co-created complete DORA compliance solution.
The European Union (EU) Digital Operational Resilience Act (DORA) comes into force on January 17, 2025. This critical new European regulation mandates a comprehensive overhaul of enterprise IT security and operational processes, challenging organizations to gather and consolidate essential information about their IT landscape.
Achieving the necessary transparency over risks and implementing robust business continuity processes are no longer strategic goals. They will soon be imperatives for any organization operating within the EU.
Failing to meet the DORA requirements could lead to fines of up to 1% of a company's average daily worldwide turnover for each day of non-compliance. As such, with the implementation of DORA mere weeks away, organizations need to act swiftly and decisively.
To achieve DORA compliance, financial institutions acting in the EU and other entities subject to DORA need expert guidance and effective tools. This is why SAP and Deloitte have partnered to offer a comprehensive solution that can be tailored to the unique needs of your organization to enable a smooth transition to compliance.
To find out more about the SAP/Deloitte DORA solution, join Deloitte and SAP's joint webinar on January 17:
WEBINAR: DORA Compliance With Deloitte And SAP
What Is The EU DORA Act?
Europe's united government, the European Union (EU), first drafted the Digital Operational Resilience Act (DORA) on September 24, 2020. It was designed to compel EU member states to ensure the cyber resilience of the European financial services industry during the enforced digital transformation that the world was forced to undergo during the COVID-19 pandemic.
With the world locked down in quarantine, financial services providers needed to offer their products online, and they needed to do so safely, both for the vendors and the customers. Since financial services was one of the world's oldest industries, the majority of providers needed to transform their operations rapidly, and regulators sought to make this mandatory.
DORA was approved and passed into European law on January 16, 2023, offering organizations 24 months to bring themselves into compliance. That deadline expires on January 17, 2025.
Still, few organizations have been able to complete the necessary transformation and those that are not yet DORA compliant are facing regulatory scrutiny and potential fines. They need to empower themselves with an implementation methodology and toolset, and they need to do it quickly.
That's why SAP partnered with Deloitte to build a comprehensive DORA implementation model, leveraging both the SAP LeanIX and SAP Signavio toolsets. Deloitte’s unmatched expertise in regulatory compliance, cybersecurity, risk management, and implementation, combined with decades of success in transforming IT landscapes, makes them the ideal DORA partner.
Our combined toolsets give European financial services providers complete clarity on their IT landscapes to enable them to follow the tailored advice Deloitte can provide them. This will enable them to make a rapid DORA transformation.
The SAP/Deloitte DORA Solution
Digital Operational Resilience Act (DORA) compliance is a pressing priority for financial services providers in Europe. That's why SAP and Deloitte have partnered to create an integrated approach with the DORA Foundation Model at its heart.
Leveraging our co-developed DORA Integration Approach, SAP LeanIX and SAP Signavio can map out your IT and process landscape, assess your risks, and support the implementation of robust continuity processes. Meanwhile, Deloitte will use its industry expertise to provide you with personalized strategies and insights to ensure a clear path to meet DORA's stringent regulatory demands through three phases:
1 Initiation And Planning Phase
This phase starts with a scoping of the project to understand the DORA regulation better and what it means for each company. In parallel, it is important to get an understanding of your as- is application and process landscape as well as the third-party view in order to identify critical IT assets.
Therefore, our proprietary data model serves as the heart of our DORA strategy, providing a comprehensive view of the current application landscape, processes, roles, the third-party view, and interdependencies. This foundation supports a thorough gap analysis, offering clear insights into necessary changes to meet regulatory demands, both from DORA and in general.
This data model is now pre-configured within LeanIX and Signavio workspaces. where custom, pre-defined dashboards and views will ensure DORA compliance.
2 Assessment And Evaluation Phase
From there, you can transition into further assessment phases, such as vendor and impact analysis. Financial institutions can use these assessments to evaluate third-party and internal risk, making use of both our Business Impact Analysis and Impact Assessment reports.
3 Prevent And React Phase
In the final phase, our model underpins business continuity and risk management, ensuring organizations are prepared for disruptions. Disaster recovery plans and regulatory alignment strategies are built on this solid foundation, guiding businesses towards resilience and compliance.
The Benefits Of The SAP/Deloitte DORA Solution
Using the SAP/Deloitte model to rapidly achieve compliance with the European Union's (EU) Digital Operational Resilience Act (DORA) has four main benefits for financial services providers in Europe:
1 Minimize Time And Effort
Financial institutions need to achieve DORA compliance within the next month or face reprisals from regulators. Our best-practice model will empower you to make the changes you need to as fast as possible.
2 Eliminate Manual Workload
Our combined toolset provides automated oversight of your digital landscape. This brings all the data you require to your fingertips without the need for manual effort.
3 Gain Holistic Oversight
By connecting all your data sources on your IT landscape and business processes using SAP LeanIX and SAP Signavio, you can gain a complete picture of your organization. This oversight allows you to transform with confidence.
4 Benefit From Expert Guidance
Deloitte's industry specialists have the expertise to drive DORA compliance within your organization. With the SAP toolset and Deloitte's support, you no longer need to worry about DORA.
SAP And Deloitte Empower You To Meet DORA
Time is running out for financial services providers operating in Europe to comply with the European Union's (EU) Digital Operational Resilience Act (DORA). The joint initiative between SAP and Deloitte aims to ensure financial institutions are ready to meet the requirements of the act when it comes into force in January.
Empower yourselves for DORA transformation by incorporating Deloitte's expert advice with the clarity and oversight offered by SAP LeanIX and SAP Signavio. To begin your DORA journey with Deloitte and the SAP toolset, contact Deloitte Consulting Partner, Nitin Malhotra:
Partner, Deloitte Consulting
+49 151 1488 1229
