What's Next? DORA Compliance: Transitioning from Spreadsheets to Integrated Technology Solutions

As the Digital Operational Resilience Act (DORA) takes effect across the European Union, financial institutions are reassessing their technological infrastructure. Industry specialists are observing that traditional spreadsheet-based approaches no longer suffice for meeting the comprehensive requirements of this new regulatory framework.

Now the deadline has passed, what’s next?

Moving Beyond Spreadsheets

Leading consultancy firms are advising their financial sector clients to move away from spreadsheet-based management systems. This transition represents more than mere modernisation—it reflects the need for robust, interconnected systems capable of managing DORA's complex requirements with integrated, end to end management tools. 

The Necessity of Integration

A crucial consideration in DORA compliance is the requirement for systems to integrate seamlessly with existing technology infrastructure. Financial institutions are increasingly considering platforms that can leverage enterprise tools such as: - ServiceNow for service management - Ariba for supplier relationship management - Helios for comprehensive monitoring This integration approach aims to:

- Minimise system overlap

- Maximise data utilisation

- Create efficient workflows

- Enable comprehensive oversight

Board-Level Decision-Making and Risk Management

For board members and senior management, having the right metrics readily available is crucial for informed decision-making. Modern technology solutions should provide:

1. Real-time risk dashboards

2. Automated compliance reporting

3. Incident management tracking

4. Performance metrics

5. Resource utilisation data

The Importance of Complete Visibility

DORA fundamentally requires maintaining comprehensive visibility across the entire operational ecosystem, including:

- Core banking services

- Internal systems

- Third-party providers

- Complete supply chain

Technology Selection Criteria

When selecting technology solutions for DORA compliance, organisations should evaluate:

Integration Capabilities

- API connectivity

- Data exchange capabilities

- Existing system compatibility

Value Creation

- Return on investment

- Operational efficiency improvements

- Risk reduction metrics

Operational Impact

- Implementation requirements

- Training needs

- Resource allocation

Future Considerations

As financial institutions prepare for full DORA compliance, technology selection becomes increasingly vital. The chosen solution should address current regulatory requirements whilst providing scalability for future needs.

Conclusion

The transition from spreadsheet-based management to integrated technology solutions represents more than regulatory compliance—it offers an opportunity to enhance operational resilience and efficiency. Through careful selection of technology partners and solutions, financial institutions can transform DORA compliance into a catalyst for digital transformation. Success requires thoughtful consideration of integration capabilities, value creation, and operational impact. The outcome should be a cohesive technology ecosystem that supports both compliance requirements and business objectives whilst providing comprehensive risk management capabilities.

Essential DORA Requirements Influencing Technology Decisions ICT Risk Management - Continuous ICT risk identification - Implementation of risk mitigation strategies - Regular assessment and framework updates - Comprehensive documentation and reporting capabilities

Third-Party Risk Management - Monitoring of ICT third-party service providers - Assessment of concentration risk - Proper due diligence and ongoing oversight - Contract management and documentation

Incident Reporting - Standardised notification processes - Classification of major incidents - Detailed incident documentation - Root cause analysis capabilities

Digital Operational Resilience Testing - Regular ICT systems testing - Vulnerability assessments - Penetration testing - Advanced threat-led penetration testing (TLPT) for significant institutions