Optimising DORA Compliance with Navigator’s DORA Hub

Background

As the Digital Operational Resilience Act (DORA) prepares to take effect on 17 January 2025, financial institutions are gearing up to meet the stringent requirements set forth by this new EU regulation. Leveraging cutting-edge technology, years of expertise, and a deep understanding of the DORA challenges you face, we’ve crafted our Navigator DORA Hub.

Integrating DORA Compliance through Navigator

Our DORA Hub is meticulously engineered to align with the specific mandates of DORA, integrating ICT Risk Management, Incident Reporting, Third-Party Provider Management, and the crucial production of the Register of Information in a unified platform.

• The Register of Information:
  The DORA Hub’s register of information capability is carefully aligned with regulatory expectations. Navigator can support both standalone entities and complex group structures, automating the challenging mapping exercise to produce 15 data templates. Our implementation team provides expert guidance on data requirements, ensuring seamless data transfer and upload into the platform. Importantly, the DORA Hub also automates the creation of the Register of Information that must be submitted to local competent authorities.
• ICT Risk Management:
  Our integrated Risk Hub allows financial institutions to oversee and mitigate ICT risks effectively, supporting DORA’s governance and risk management requirements. Every organisation has a unique risk profile and set of requirements. Navigator’s Risk Hub is designed to help firms enhance their risk management and control rigour, ensuring compliance and mitigating operational vulnerabilities. This creates a secure, reliable, and resilient business environment. With the flexibility to define local and group registers, and enter risk categories and associated controls, you can effectively manage your risk exposures, ensuring maximum preparedness.
• Incident Reporting via the Incident Hub:
  DORA places significant emphasis on the accurate and timely reporting of ICT-related incidents. The Incident Hub facilitates comprehensive incident logging, tracking, and regulatory filing, ensuring compliance with the classification and reporting requirements under DORA. This module is crucial for maintaining transparency and rapid response capabilities.
• Comprehensive Integration in the Activity Hub:
  Underpinning the entire NAVIGATOR suite, the Activity Hub links the Risk, Incident, and DORA Hubs, facilitating seamless data integration. It is intuitive and offers the capability to build customised digital checklists to fit your firm’s unique outsourcing governance model. With complete access to your work, user-friendly dynamic activity dashboards, and activity lists to help prioritise, workflows become clear, simple, and efficient.
• Management and Oversight in the DORA Hub:
  The DORA Hub is pivotal in managing relationships with Third-Party Providers (TPPs) and ICT vendors, key components under DORA. It serves as a centralised database for monitoring and managing all third-party arrangements. The integrated features streamline your governance framework, reducing risk and increasing compliance, while reducing the resource burden to execute.

Conclusion

As the deadline for DORA compliance approaches, the NAVIGATOR suite by Nexus Assurance Ltd. stands out as an indispensable tool for financial institutions. Its comprehensive capabilities, particularly the innovative DORA Hub that includes the production of the Register of Information, ensure that financial entities can meet the new regulations confidently and effectively. By leveraging NAVIGATOR, institutions can maintain operational resilience and comply with DORA, all while managing the broader challenges of the financial services landscape. Nexus Assurance tackles the operational and governance complexities of regulated financial services firms, delivering simplicity, clarity, control, and compliance for your business activities.