IRSG Response – EU Digital Operational Resilience Act (DORA)

Published 8 Jan 2021

The IRSG supports the Commission’s aim of further enhancing the resilience of the European financial services industry, and places the utmost value on cyber security and risk management. Resilience is crucially important to the whole financial and professional services ecosystem, and the lack of financial services resilience has a detrimental impact on the wider economy.

In response the Digital Operational Resilience Act (DORA), the IRSG – with support from DLA Piper – has summarised its key concerns with the legislation as proposed. These can broadly be split into three themes:

  • Ensuring sufficient flexibility for requirements to be applied appropriately by each of the broad range of entities to which they apply;
  • Avoiding overlap, duplication and contradictions caused by the application of the DORA requirements in conjunction with existing legislation / guidance; and
  • Identifying practical issues arising from specific requirements in the draft proposal.