DORA preparations are running at full speed. By the end of the implementation period* every financial company must report the register of information. In order to support the financial sector in the creation and submission of this register, the European Supervisory Authorities (ESAs) have created the so-called “Dry Run“ as a Europe-wide offer. Even though participation in the test run was voluntary, according to the Austrian Financial Market Authority (FMA)**, several hundred entities took part in the exercise (around 90 percent). In Germany, on the other hand, the total number was only 44 financial companies, according to the BaFin.
The deadline for submitting the prepared registers of information was the end of August. The timeline for the supervisory authorities now provides for the data to be viewed and feedback to be sent to the entities by the end of October.
Robin Schmeisser, Managing Director of Fabasoft Contracts GmbH, knows from discussions with customers how important and useful this opportunity is to visualize the current status of filling the register of information and the associated tasks: “The participants got a sense of where they still need to collect information and how time-consuming it is to report consistently and completely by manual means. In addition, the test run brought relevant questions to the surface, which is why it was essential for us to participate together with our customers.”
For this purpose, the smart outsourcing software Fabasoft DORA was used. The tool accesses all relevant information from a unified, digital database and uses the information register generator to automatically create the required test reports in accordance with DORA. Unlike spreadsheet programs, the content is automatically entered into the finished register without any manual maintenance. The result is a constantly synchronized, digital information register that can be easily exported in the specified data format and shared with the authorities.
“Thanks to the simple implementation of Fabasoft DORA, all customers successfully created and submitted their reports for the dry run. One customer had only started migrating the data two weeks before the submission date, and he also made it on time. So it's not too late to take action before the deadline,” says Robin Schmeisser.
Incidentally, financial companies that did not take part in the dry run can also take the opportunity to follow the results of the exercise. The ESAs will present these in an open workshop in November 2024.
All information and documents on the Dry Run can be found here: Preparation for DORA application | European Banking Authority (europa.eu)
*) Postponement of the submission deadline to April 30, 2025: The ESAs announce timeline to collect information for the designation of critical ICT third-party service providers under the Digital Operational Resilience Act | European Banking Authority
**) Source: Digital Operational Resilience Act - Der Countdown bis zur Umsetzung läuft. | DiePresse.com
