DORApp is a specialized cloud-based solution designed to assist financial institutions in achieving full compliance with the European Union's Digital Operational Resilience Act (DORA). By automating critical processes such as ICT third-party provider management, incident reporting, and risk assessments, DORApp simplifies the complexities of regulatory adherence, ensuring that organizations can meet stringent DORA requirements efficiently and accurately.
Key Features and Functionality:
- Automated DORA Reporting: DORApp generates regulator-ready reports in formats like XBRL, XML, and XLSX, validated against official taxonomies to ensure acceptance by national and EU authorities.
- Intuitive Data Management: The platform offers a user-friendly web interface for efficient data entry, with built-in validation to minimize errors. It enriches records using verified data from public sources, such as the Legal Entity Identifier (LEI) database, ensuring comprehensive and accurate vendor profiles.
- Proactive ICT Risk Management: DORApp supports continuous risk management through step-by-step risk assessments, business impact analyses (BIA), and mitigation planning, with automated reminders for scheduled reviews. This ensures that risks are consistently monitored and linked to appropriate controls.
- Incident Management and Reporting: The platform streamlines the incident reporting process by providing structured workflows for logging, classifying, and escalating ICT incidents. It auto-generates regulator-ready incident reports and tracks follow-ups to resolution, ensuring compliance with DORA's strict timelines.
- Advanced Analytics and Monitoring: DORApp centralizes all ICT providers, contracts, subcontractors, and dependencies, offering full visibility into critical third-party providers (CTPPs), concentration risks, and contractual obligations. This structured oversight is particularly beneficial for complex organizations.
Primary Value and User Solutions:
DORApp addresses the challenges financial institutions face in complying with DORA by automating and simplifying the compliance process. It reduces manual effort, minimizes the risk of errors, and ensures timely and accurate reporting. By consolidating various compliance tasks into a single platform, DORApp enhances operational efficiency, strengthens risk management practices, and provides organizations with the confidence that they are meeting regulatory requirements effectively.
