{"id":22422,"date":"2025-01-16T14:21:12","date_gmt":"2025-01-16T14:21:12","guid":{"rendered":"https:\/\/interface.media\/?p=22422"},"modified":"2025-01-21T10:37:24","modified_gmt":"2025-01-21T10:37:24","slug":"finance-procurement-and-the-cloud-exploring-the-impact-of-dora","status":"publish","type":"post","link":"https:\/\/interface.media\/blog\/2025\/01\/16\/finance-procurement-and-the-cloud-exploring-the-impact-of-dora\/","title":{"rendered":"Finance, procurement, and the cloud \u2014 Exploring the impact of DORA"},"content":{"rendered":"\n

The deadline for compliance with the EU\u2019s Digital Operational Resilience Act (DORA) comes into effect on January 17th. <\/p>\n\n\n\n

With \u2014 according to research from Orange Cyberdefense \u2014 43% of the UK financial services industry set to miss the deadline<\/a>, the act could significantly disrupt commerce between the UK and the EU. Organisations found to be in breach of DORA could face serious financial fines of up to 1% of worldwide daily turnover for as long as six months. In addition to potential fines levied against the financial services sector, DORA\u2019s new regulatory requirements pose challenges for procurement teams operating across the channel, as well as IT teams governing the movement of data. <\/p>\n\n\n\n

Financial services and digital infrastructure<\/em><\/strong><\/h3>\n\n\n\n

The digital infrastructure sector underpins multiple sectors, including cloud computing and financial services, about to be affected by DORA. <\/p>\n\n\n\n

All of these sectors will experience profound changes as a result of DORA coming into effect.  \u201cCritical digital infrastructure providers, like Equinix, may become directly regulated for the first time and will play a critical role in supporting its financial services clients in adhering to stringent requirements,\u201d observes Adrian Mountstephens, Strategic Business Development for Banking at data centre giant Equinix<\/a>. All financial service companies in the EU, he adds, will need to update their contracts with their supply chain to remain compliant.  <\/p>\n\n\n\n

Mountstephens also notes that, along with other legislation focused on digital security, like NIS2 (EU-wide legislation on cybersecurity) and the European Cybersecurity Act, DORA will result in organisations adopting enhanced security measures. \u201cThird-party risk management will intensify, with increased supply chain oversight and emphasis on companies having certifications. We aim to keep our customers future-ready by providing financial institutions with solutions that address their digital transformation challenges while ensuring compliance with evolving regulations<\/a>,\u201d he says. \u201cAs one of the most comprehensive cybersecurity regulations<\/a> the financial industry has seen, the new policies aim to ensure infrastructure is in place to prevent, respond to, and minimise disruptions, specifically as financial institutions are increasingly dependent on technology and face growing risks of cyber attacks.\u201d<\/p>\n\n\n\n

DORA and the cloud <\/em><\/strong><\/h3>\n\n\n\n

Dmitry Panenkov<\/a>, CEO of cloud management platform emma,<\/a> also notes that \u201cOne of the main challenges with the upcoming DORA regulation is ensuring visibility and control across cloud environments, as introducing hybrid or multi-cloud setups to strengthen resilience, often comes with a lack of the integration needed for comprehensive risk management and compliance oversight.\u201d \u202f\u00a0<\/p>\n\n\n\n

Ensuring that businesses have a \u201cdedicated and mature\u201d Digital Resilience Framework will also reportedly be critical, and Panenkov stresses that organisations must be prepared to conduct required annual evaluations and tests. However, even as DORA comes into effect, \u201cmany are still building the capabilities and processes needed to meet these obligations.\u201d <\/p>\n\n\n\n

If organisations can\u2019t take steps like enhancing their real-time risk mitigation strategies and ensuring that data security processes up to a suitable standard to withstand operational and regulatory scrutiny, they could find themselves in noncompliance. <\/p>\n\n\n\n

\u201cOrganisations must recognise that DORA is as much an organisational challenge as a technical one,\u201d he says. \u201cIt demands collaboration between compliance, IT and cloud teams to embed resilience planning into operations. The most successful organisations will not only align with DORA but also use it as an opportunity to strengthen their overall operational resilience.\u201d <\/p>\n\n\n\n

Purchasing and DORA <\/em><\/strong><\/h3>\n\n\n\n

Arnaud Malard\u00e9, Smart Procurement Expert at Ivalua<\/a> agrees with regard to DORA being an operational issue. \u201cUntil now, many procurement teams might have mistakenly viewed compliance with the regulation as solely an IT responsibility \u2013 but this Friday will act as a serious wake up call for many organisations,\u201d he says. \u201cThe fact is that procurement plays a crucial role in managing the third-party risks at the heart of digital operational resilience. Without robust supplier oversight, organisations risk non-compliance that can result in crippling fines, legal liabilities, and exclusion from markets they rely on.\u201d<\/p>\n\n\n\n

However, he adds that many procurement teams are still reliant on outdated processes, fragmented data, and manual contract review that is both prone to human error and provides limited visibility into supplier performance and compliance. These legacy holdovers only increase the chances of being found in violation of the new regulations and forced to accept significant penalties. <\/p>\n\n\n\n

To \u201cplay catch-up\u201d and meet these challenges, Malard\u00e9 argues that organisations need to digitalise their procurement processes \u2014 and fast. \u201cFor example, cloud-based Source-to-Pay platforms create a centralised repository for contracts, DORA-specific reporting, and supplier data, allowing for real-time risk monitoring and automated compliance tracking,\u201d he says. \u201cBy embedding resilience into procurement strategies, businesses will not only meet DORA\u2019s demands, but also strengthen supply chains, mitigate cyber risks, and unlock long-term competitive advantages.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

As the Digital Operational Resilience Act (DORA) comes into effect, the new regulations have the potential to send shockwaves through the UK economy. <\/p>\n","protected":false},"author":480,"featured_media":22423,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"apple_news_api_created_at":"2025-01-16T14:21:17Z","apple_news_api_id":"f5c82c8b-f9ab-4732-9abc-ce5655d93e97","apple_news_api_modified_at":"2025-01-21T10:37:21Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAA==","apple_news_api_share_url":"https:\/\/apple.news\/A9cgsi_mrRzKavM5WVdk-lw","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[3],"tags":[],"topic":[653],"class_list":["post-22422","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-interface","topic-fintech-insurtech"],"acf":[],"apple_news_notices":[],"yoast_head":"\nFinance, procurement, and the cloud \u2014 Exploring the impact of DORA - 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