on 2022-02-0306:09 PM - edited on 2023-07-2708:00 PM by ChristineTran
The European Commission (EC) is the executive branch of the European Union (EU), responsible for proposing legislation, implementing decisions, upholding the EU treaties and managing the day-to-day business of the EU. The Commission helps to shape the EU's overall strategy, proposes new EU laws and policies, monitors their implementation and manages the EU budget.
On 24 September 2020, the European Commission published its draft Digital Operational Resilience Act (DORA). The legislative proposal builds on existing information and communications technology (ICT) risk management requirements already developed by other EU institutions and ties together several recent EU initiatives into one Regulation. DORA aims to establish a clear foundation for EU financial regulators and supervisors to expand their focus from ensuring firms remain financially resilient to also establishing that they are capable of maintaining resilient operations through a severe operational disruption.
The final version of the Digital Operational Resilience Act (DORA) was published in the Official Journal of the European Union as Regulation (EU) 2022/2554 on 14 December 2022. The Regulation will apply in its entirety and to all applicable EU Member States beginning on17 January 2025.
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