Digital Operational Resilience Act (DORA) Support For Client In The Irish Regulated Market
The Client’s Needs
Our client was a (re)insurer underwriting motor damage and third-party liability risks of related companies and third-party clients, as well as ancillary motor and leasing-related risks. The Company operates on a freedom of services (“FoS”) basis, primarily into European markets. The Central Bank of Ireland (CBI) had issued cross-industry guidance on the new EU regulations, the Digital Operational Resilience Act (DORA), (“the ability of a firm, and the financial services sector as a whole, to identify and prepare for, respond and adapt to, recover and learn from an operational disruption“) in December 2021, with a go-live requirement for the DORA framework in late 2023.
The client required external guidance and support for the set-up of its DORA Framework, which needed to be at a competitive price, delivered by a vendor with appropriate expertise and sufficiently resourced to avoid ‘key man dependency’. It also had a comprehensive set of service-related SLA/KPIs that it required to be met.
ICSR set out a detailed timeline and approach, utilising its knowledge of the approach taken by large UK insurance firms, adjusted for the specific needs of the Irish regulator, the Central Bank of Ireland. Through the use of resources with detailed working knowledge of the general principles of Operational Resilience gained working for UK clients, ICSR was able to easily exceed the clients service-related SLA and KPI expectations when applied to DORA for the Irish market.
ICSR deployed a highly experienced Operational Resilience subject matter expert from its Talent Pool, whose work was overseen by a director of the business.
The client was able to meet its obligations under the cross-industry DORA guidance on Operational Resilience issued by the CBI. It has developed all the necessary frameworks and completed the mapping and documentation exercises expected.