How automation drives compliance with DORA guidelines

Significant regulatory changes are on the horizon in the European Union (EU), with global ripple effects expected to follow.

Is your financial services company ready to meet stricter rules come January 17, 2025?

Over the past few years, several key regulations have been introduced to strengthen the digital operational resilience of the financial services sector in the EU. Among the most significant is the Digital Operational Resilience Act (DORA), a legislative initiative by the EU aimed at ensuring that the financial services sector can withstand, respond to, and recover from all types of information and communication technology (ICT)-related disruptions and threats.

Luckily for financial services firms, an AI + automation platform can play a monumental role in both preparing for, and then acting within this new status quo.

The role of automation in addressing DORA compliance

Standardization

DORA mandates that financial services institutions implement uniform ICT risk management frameworks. Automation allows organizations to fortify compliance processes across their operations, ensuring optimal consistency.

For example, by employing test automation, institutions can continuously test their IT systems and automated workflows to ensure they meet the specific regulatory standards set out by DORA. Automation then allows these institutions to scale their risk management processes seamlessly, while also maintaining standardization across departments and geographic regions.

Risk management and incident response

One of the key DORA requirements is the ability to detect, mitigate, and recover from ICT-related incidents swiftly. Automation can support financial services institutions by automatically monitoring key risk indicators and escalating issues for rapid response. Companies can quickly process a lot of unstructured data (like emails and reports) using machine learning and AI tools. This will find possible risks in real time. These tools not only streamline risk detection, but also ensure compliance by documenting which actions have been taken—while also maintaining an audit trail for future review.

Operational resilience testing

DORA places a strong emphasis on regular ICT systems testing to ensure they can handle disruptions. Automated testing solutions are built for this challenge. Financial services firms can leverage test automation solutions to continuously test their IT infrastructures, applications, and automated workflows. By automating these tests, organizations can efficiently validate their resilience to potential threats without placing undue burden on internal teams.

How to know which automation platform to choose?

Partnering with service providers that meet strict regulatory standards (both DORA and beyond) is not just a matter of preference—it’s a vital necessity for today’s financial services firms. By working with a provider like UiPath, which prioritizes compliance with frameworks such as DORA, your organization can confidently mitigate risks and ensure alignment with industry requirements.

Regulatory compliance is a top priority for UiPath, and this approach has helped countless users across financial services and other regulated industries strengthen their operational resilience and minimize risk exposure. This partnership gives you a competitive edge, knowing you’re backed by a trusted, and most importantly, compliant, automation leader.

UiPath Test Suite™ (available via the UiPath Platform™) enables financial institutions to conduct comprehensive testing of business processes, including those relying on third-party systems. This ensures that systems can handle disruptions and remain compliant with DORA’s operational resilience requirements. By simulating failure scenarios, organizations can validate their ICT infrastructure under stress.

Third-party oversight is key in DORA, which requires strong monitoring of external ICT service providers. The UiPath Platform automates vendor performance tracking, ensuring compliance with resilience and risk management standards.

Additionally, UiPath Document Understanding™ (available via the UiPath Platform) automates the review and categorization of contracts and service-level agreements (SLAs) with third-party vendors. This saves time and makes it less likely that people will make mistakes. It also makes sure that all agreements follow the right set of rules, making vendor management easier.

Conclusion

Compliance with regulatory frameworks like DORA is paramount. The UiPath Platform offers powerful testing and document understanding solutions, enabling financial services institutions to not only meet these stringent regulatory requirements but also enhance their overall operational resilience and efficiency.

Automation serves as the bridge between the different departments and stakeholders involved in compliance processes, streamlining workflows, and ensuring consistent, rapid responses to ICT-related incidents. With the robust yet nimble UiPath Platform, financial services institutions are well-positioned to remain resilient in the face of evolving expectations, all while meeting the regulatory demands of DORA and beyond.

Find out more about using automation to comply with DORA.