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DORA Compliance: ICT Risk Management Checklist


DORA ICT Risk Management Checklist—compliance framework for financial institutions under the Digital Operational Resilience Act (DORA).

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Introduction

ICT risk management is a cornerstone of DORA compliance. This checklist provides a practical guide for financial entities to implement effective ICT risk management frameworks, ensuring they meet the regulatory requirements and enhance their digital operational resilience.


What is ICT Risk Management?

ICT risk management involves identifying, assessing, and mitigating risks associated with the use of information and communication technologies. Under DORA, financial entities must establish robust frameworks to manage these risks effectively.

As discussed in our main article, "DORA Compliance: A Comprehensive Guide to Digital Operational Resilience" http://startuprad.io/post/dora-compliance-a-comprehensive-guide-to-digital-operational-resilience, a strong risk management framework is essential for DORA compliance.


A Practical Checklist for ICT Risk Management

Use this checklist to guide your organization's ICT risk management efforts:

1. Establish a Governance Framework

  • Define roles and responsibilities for ICT risk management.

  • Develop and document ICT risk management policies and procedures.

  • Ensure senior management oversight and accountability.

2. Identify Critical Assets and Functions

  • Identify all critical ICT assets, systems, and processes.

  • Prioritize assets based on their importance to business operations.

  • Document the dependencies between assets.

3. Conduct Risk Assessments

  • Perform regular risk assessments to identify potential threats and vulnerabilities.

  • Assess the likelihood and impact of identified risks.

  • Use a standardized risk assessment methodology.

4. Implement Risk Mitigation Measures

  • Develop and implement risk mitigation strategies.

  • Implement technical controls (e.g., firewalls, intrusion detection systems).

  • Implement organizational controls (e.g., access controls, security policies).

5. Establish Incident Response Procedures

  • Develop a comprehensive incident response plan.

  • Define procedures for incident detection, containment, and recovery.

  • Establish communication protocols for internal and external stakeholders.

6. Implement Monitoring and Review Processes

  • Implement continuous monitoring of ICT systems and controls.

  • Conduct regular reviews of the ICT risk management framework.

  • Update risk assessments and mitigation measures as needed.

7. Ensure Staff Training and Awareness

  • Provide regular training to staff on ICT risk management policies and procedures.

  • Raise awareness of cybersecurity threats and best practices.

  • Conduct phishing simulations and other security awareness activities.

8. Document and Report

  • Maintain detailed documentation of the ICT risk management framework.

  • Document risk assessments, mitigation measures, and incident response activities.

  • Establish procedures for reporting ICT risks and incidents to relevant authorities.

9. Third-Party Risk Management Integration

  • Extend risk management practices to third-party providers.

  • Assess and monitor the ICT risks associated with third-party services.

  • Include security requirements in contracts with third-party providers.

10. Continuous Improvement

  • Foster a culture of continuous improvement in ICT risk management.

  • Regularly evaluate the effectiveness of the risk management framework.

  • Adapt to evolving threats and regulatory requirements.


Why This DORA ICT Risk Management Checklist Matters

Effective ICT risk management is not just about compliance; it's about ensuring the resilience and security of your organization. By following this checklist, financial entities can proactively manage ICT risks, protect their operations, and meet the requirements of DORA.


Take Action Today

Use this checklist as a starting point for enhancing your organization's ICT risk management practices. For a more in-depth understanding of DORA and its requirements, refer to our main article: "DORA Compliance: A Comprehensive Guide to Digital Operational Resilience" [Link to Main Article Placeholder].


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