ESAs to run voluntary exercise in preparation for DORA implementation
12 April 2024 Europe
Image: iQoncept/stock.adobe.com
The European Supervisory Authorities (ESAs) will launch a voluntary exercise in May, to prepare the industry for the next stage of the Digital Operation Resilience Act (DORA) implementation.
The exercise will help to collect registers of information of contractual arrangements on the use of ICT third-party service providers by financial entities.
The ESAs — collectively the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Â鶹´«Ã½ and Markets Authority (ESMA) — note that under the regulation, and starting from 2025, financial entities will have to maintain registers of information regarding their use of ICT third-party providers.
The information from the dry run exercise will be collected from financial entities, through their competent authorities, and will serve as preparation for the implementation and reporting of registers of information under DORA.
It will help entities prepare to establish their register of information, gather the relevant information specified by the ESAs’ Implementing Technical Standards for the registers of information, and to report their registers of information to their respective competent authorities, which will, in turn, provide those to the ESAs.
Financial entities participating in the exercise will receive support from the ESAs to test the reporting process, address data quality issues, and improve internal processes.
The ESAs will provide feedback on data quality to participating financial entities, return cleaned files with their register of information, organise workshops, and respond to frequently asked questions.
With the exercise taking place in May, the ESAs expect submissions of registers of information between 1 July and 30 August 2024.
The exercise will help to collect registers of information of contractual arrangements on the use of ICT third-party service providers by financial entities.
The ESAs — collectively the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Â鶹´«Ã½ and Markets Authority (ESMA) — note that under the regulation, and starting from 2025, financial entities will have to maintain registers of information regarding their use of ICT third-party providers.
The information from the dry run exercise will be collected from financial entities, through their competent authorities, and will serve as preparation for the implementation and reporting of registers of information under DORA.
It will help entities prepare to establish their register of information, gather the relevant information specified by the ESAs’ Implementing Technical Standards for the registers of information, and to report their registers of information to their respective competent authorities, which will, in turn, provide those to the ESAs.
Financial entities participating in the exercise will receive support from the ESAs to test the reporting process, address data quality issues, and improve internal processes.
The ESAs will provide feedback on data quality to participating financial entities, return cleaned files with their register of information, organise workshops, and respond to frequently asked questions.
With the exercise taking place in May, the ESAs expect submissions of registers of information between 1 July and 30 August 2024.
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