Navigating DORA compliance: How iManage empowers financial services to build resilience

When the Digital Operational Resilience Act (DORA) was announced in 2020, it set an urgent deadline in motion for financial services providers across the European Union. As we approach the implementation date of January 17th, 2025, the race to ensure compliance is well underway.

DORA aims to strengthen the resilience of financial institutions against information and communication technology (ICT) disruptions that pose a risk to the broader financial system: according to research from Lloyd’s of London and the Cambridge Centre for Risk Studies, a cyberattack on a major financial services payment system could lead to the global loss $3.5 trillion over a five-year period.

For organizations ranging from banks and insurance companies to payment service providers, crypto exchanges, and more, this legislation brings a host of stringent requirements. And the consequences of noncompliance? They’re serious — with penalties reaching up to 2% of annual turnover for organisations and up to €1,000,000 for individuals, alongside potential operational restrictions and legal actions. The reputational damage, which can erode trust and relationships with clients and partners, only heightens the risks.

To navigate these high-stakes changes, it’s critical to understand what DORA entails and how to proactively achieve compliance.

What DORA means for financial services: Key requirements

DORA introduces robust measures to protect financial entities from ICT disruptions, emphasizing the management of risks and the importance of operational resilience. Key requirements include:

• ICT Risk Management: Institutions must establish frameworks to identify, mitigate, and manage ICT risks. This involves governance structures, policies, procedures, and adequate resource allocation.
• Incident Reporting: Financial entities are mandated to report major ICT-related incidents swiftly to relevant authorities, ensuring that systemic risks can be closely monitored and addressed.
• Operational Resilience Testing: Regular tests, such as threat-led penetration testing, are necessary to ensure systems remain resilient to attacks or disruptions.
• Third-Party Risk Management: Organizations must manage risks related to third-party ICT providers, establishing stringent oversight and monitoring.
• Information Sharing: The act promotes information sharing about emerging cyber threats and vulnerabilities to enhance overall security readiness.

As the compliance deadline looms, financial services providers need a trusted partner to help fortify their digital operational resilience.

iManage: Your strategic partner for DORA compliance

At iManage, we’ve spent over 20 years helping organizations efficiently manage documents and emails while securing their most critical information assets. For financial services, the iManage knowledge work platform is uniquely positioned to support DORA compliance with its integrated suite of intelligent solutions.

Our flagship product, iManage Work, enables secure document and email management, consolidating sensitive information in a single, controlled repository. This ensures that financial services organizations can minimize their exposure to ICT risks and streamline data governance.

Tailored solutions aligned with DORA requirements

The iManage platform goes beyond document management, encompassing security, compliance, and governance capabilities that align with DORA’s key requirements:

• iManage Security Policy Manager: Enforces information barriers and security policies at scale to protect sensitive data.
• iManage Threat Manager: Detects and responds to unusual or malicious behaviour within your information ecosystem, generating detailed audit reports to demonstrate compliance.
• iManage Records Manager: Establishes industry-leading records governance and retention policies to meet regulatory mandates.

Available on-premises or via the iManage Cloud, our platform is built on a Zero Touch and Zero Trust architecture, featuring leading certifications such as ISO/IEC 27001, NIST Cybersecurity Framework (CSF), and SOC 2. This allows organizations to meet stringent security requirements while enjoying the flexibility of a modern cloud solution.

Industry-recognized certifications to bolster compliance

While DORA does not explicitly mandate specific certifications, adopting recognized industry standards signals a strong commitment to compliance. iManage holds a suite of certifications and accreditations, such as:

• ISO/IEC 27001 for information security management. This aligns with DORA's requirements for safeguarding data and ensuring security, helping to address critical aspects of DORA around risk management, asset management, access control, incident management, and compliance.
• ISO/IEC 22301 for business continuity and resilience. 22301 provides a framework for responding to disruptive incidents, including business continuity planning, risk assessment, disaster recovery, and crisis management — all of which support DORA requirements around operational resilience.
• ISO/IEC 27017 & 27018 for cloud security and data privacy. This provides controls specific to cloud environments, including data privacy, customer data protection, and cloud security incident management, helping to demonstrate robust cloud security practices that address DORA requirements around ICT risk management.
• NIST Cybersecurity Framework (CSF) for comprehensive risk and resilience management. iManage compliance with the NIST framework's core functions (identify, protect, detect, respond, recover) aligns closely with DORA’s requirements for operational resilience and incident response.
• SOC 2 (System and Organization Controls) focuses on managing customer data based on five “trust service principles”: security, availability, processing integrity, confidentiality, and privacy. iManage compliance with SOC 2 provides the ability to monitor system operations, protect against data breaches, and ensure that processing is timely and authorized, helping to effectively manage ICT risks, per DORA requirements.
• CIS Controls for cybersecurity best practices and risk mitigation. These are a set of best practices that help organizations improve their cybersecurity posture. They are not a certification but are widely adopted.

These certifications help our clients establish a proactive, secure, and compliant digital infrastructure, reducing risk while enhancing resilience.

Why choose iManage?

DORA requires more than just ticking boxes — it demands a holistic approach to ICT risk management, operational resilience, and continuous improvement. With iManage, financial services providers can leverage a proven platform that incorporates best-in-class standards and aligns with DORA’s core principles.

The time to act is now. As the compliance deadline approaches, organizations must solidify their strategies and ensure readiness for DORA’s sweeping requirements.

Move forward with confidence

At iManage, we’re ready to help financial services providers not only meet DORA requirements but also transform compliance into a strategic advantage. Explore our solutions for financial services and discover how we can help you achieve digital operational resilience.