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RiskManagement. To meet the DORA’s standards, firms must update their technology riskmanagement governance. The updated framework requires firms to identify important business functions and dependent risks and map the TSP assets that run them. Supply Chain Management and Third-Party Risk.
Even if it is difficult to use that regulatory hammer to secure funding for budget to purchase technology, this should not stop a progressive organization from using effective riskmanagement disciplines to run their programs and serve their customers. Or, as so well articulated by the great British writer C. Contractual Obligations.
When an organization understands the business context, resources that support critical functions, and related cybersecurity risks, it can focus and prioritize its riskmanagement strategy and business needs. Accountmanagement. Access control management. Continuous vulnerability management.
The regulation is intended to make compliance obligations less confusing and provide greater security for consumers by creating unified standards for third-party risk monitoring, performance, and auditing. . The DORA is landmark legislation that is the first of its kind that focuses on how regulated entities manage their ICT risk.
All too often, resilience programmes have become akin to compliance or tick-box exercises, with investments made for short-term ‘sticky plaster’ solutions to adhere with regulations or audit requirements. Request a demo or contact your Fusion accountmanager or myself via LinkedIn today! .
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