Sustainability corner

Another example of how DORA can add value to the financial sector relates to ICT third-party providers, which are also within scope of the Regulation. Under DORA, there are substantial requirements for ICT third-party providers – and more extensive requirements for critical ones – on the quality of their services. This means that DORA contributes towards a more consistent and standardised outsourcing landscape throughout the EU. Moreover, the EU’s oversight of critical ICT third-party providers introduces a much-needed supervisory aspect over the most utilised and relied-upon service providers in the Union. Once again, by reassuring businesses’ stakeholders of the quality of the service being provided by both critical and non-critical ICT thirdparty providers, the Regulation establishes greater trust and assurance throughout.

In short, the DORA Regulation should not be perceived purely as an added compliance cost that negatively impacts a firm’s balance sheet, but rather as a tool which can contribute towards assurance, trust and – ultimately – as a contributor of value to businesses. Indeed, these characteristics work hand in hand with the accountancy profession, which also seeks to contribute to businesses’ growth, assurance and overall economic stability.

Author Beatriz Brunelli Zimmermann is a junior analyst within the Supervisory ICT Risk and Cybersecurity function at the Malta Financial Services Authority. She is responsible for the implementation of the EU’s Digital Operational Resilience Act (DORA) in Malta.

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