EU Digital Operational Resilience Act (DORA)
By 17th January 2025, the financial entities across European Union (EU) and their critical Information and Communications Technology (ICT) providers must be ready to comply with the EU Digital Operational Resilience Act (Regulation (EU) 2022/2554 – ‘DORA’). DORA standardizes how financial entities report cybersecurity incidents, test their digital operational resilience, and manage ICT third-party risk across the financial services sector and EU member states.
“KNEIP is committed to deliver regulatory compliance requirements to our customers and help them navigate the complexities of digital landscape.”
– Corinne Bitterlich, Chief Legal, Risk and Compliance Officer
General commitment:
Kneip is ready to comply with DORA requirements, as applicable to its business, as well as other services it provides to financial entities that use KNEIP for their critical and important functions.
As a market leader in fund data management over the past 30 years, KNEIP has heavily invested in helping financial institutions meet their regulatory compliance and shall continue to do so with DORA. Kneip continues to enhance its product and operational capabilities across each of DORA’s main pillars.
Our approach:
To better assist our customers, we have established a dedicated cross-functional team that has been consistently addressing their inquiries and guiding the implementation of relevant requirements. We have identified key priority areas and are actively working towards completing them by the end of the year.
Additionally, we have revised our contract terms to incorporate the essential provisions outlined in Article 30 of DORA. For more information, please contact a member of our sales team or one of our account directors.
Moreover, leading up to the January 17, 2025 deadline, we will keep updating our documentation and resources to offer deeper insights into KNEIP’s strategies for resilience testing, incident management, third-party management, and other areas.
Summary:
Overall, we believe our timely commitment will effectively support our customers in their regulatory compliance journey. Below is a summary of our readiness plan:
