askblue, a Portuguese business and technology consultancy, and Thomas Murray, a world leader in global risk intelligence, have established a partnership to help financial entities comply quickly and comprehensively with the requirements of the Digital Operational Resilience Act (DORA), which will come into force on 17 January 2025.
The collaboration between the two companies involves the delivery of complex projects for clients worldwide in sectors such as banking and insurance, ranging from risk assessment to technology implementation.
DORA is a European regulatory framework aimed at strengthening the digital operational resilience of financial organizations, which requires them to withstand and recover from disruptions related to technological infrastructure.
Its main components include Information and Communication Technology Risk Management, Incident Reporting, Digital Operational Resilience Testing, Third Party Risk Management, and Information Sharing.
Currently, many financial organizations still operate with legacy systems that have been in use for decades and which, although reliable, often lack the flexibility and security features needed to comply with the new requirements.
‘With the DORA regulatory deadline approaching, we understand the urgency of many market players, not least because there are risks to their operation and reputation. The partnership between askblue and Thomas Murray, which has worked with some of the world's most prestigious banks since 1994, will enable financial organizations to be prepared for this new cycle. What are we going to do? Provide solutions for conducting gap analyses and developing incident response plans, as well as implementing state-of-the-art systems,’ says askblue CEO Pedro Nicolau.
Ioan Peters, Managing Director of Cyber Risk at Thomas Murray, said "Our Partnership with askblue is a recognition of the importance that our joint client bases put on robust security and adherence to regulatory compliance, e.g DORA; all supported by the solid digital and technical foundations. Our client’s technology investment is a commitment to not only addressing the challenges of today, but ensuring the ongoing longevity and prosperity of their businesses. In short, partnering with an organisation committed to supporting digital transformations allows us to bring the best of our joint services to our clients."
askblue has led projects with financial institutions in several countries. Its main clients include companies in the banking and insurance sectors.
The risks of non-compliance with DORA
Failure to comply with this regulation can lead to financial health, reputation, and operation risks.
1. Administrative fines: These can be substantial and vary according to the seriousness and duration of the issue. They represent a considerable financial burden, which can strain the institution's resources and obstruct its growth.
2. Periodic payments of fines: If non-compliance persists, the financial pressure will only increase. Regulatory authorities have the power to impose continuous financial penalties until the non-compliance situation is resolved.
3. Public statements: Regulatory authorities can also issue statements naming non-compliant entities. This type of exposure can cause irreparable damage to the institution's reputation.
4. Cease and Desist Orders: Authorities can require entities to stop specific activities that violate DORA, which can disrupt business operations, resulting in lost revenue and a diminished market presence.
5. Suspension of Authorization: In the most serious cases, non-compliance can lead to the suspension of operations. This extreme measure jeopardizes the institution's long-term viability.
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about askblue
askblue is a Portuguese consulting company focused on project development in various sectors, including finance and insurance, with strong expertise in information technology. Operating in the market since 2013, the company offers a broad range of services grounded in the following core pillars: Business Consulting, System Implementation (custom development), Application Management (which includes application maintenance), Quality & Testing, Data & Analytics, and Outsourcing. In these areas, askblue designs and delivers solutions based on the knowledge and multidisciplinary experience of its team, providing innovative responses to the new challenges that businesses and professionals face.
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about Thomas Murray
Thomas Murray is a leading provider of risk management solutions for the financial services industry. With expertise spanning regulatory compliance, risk management, and internal audit, Thomas Murray helps clients navigate complex regulatory landscapes and build robust risk management frameworks.
