GFT is proud to announce its role as an official launch partner for AWS D-CAT, a brand-new DORA compliance recommendation tool created by Amazon Web Services (AWS). This strategic partnership underscores GFT's commitment to helping financial institutions navigate the complexities of the Digital Operational Resilience Act (DORA) and transform compliance into an opportunity for growth.
Chris Ortiz, Group Chief Executive of GFT commented; “Many firms are overwhelmed by the complexities of DORA or are burdened by slow, manual processes. D-CAT provides clarity, speed, and a way to act achieve compliance fast.”
The Digital Operational Resilience Act (DORA) represents the first comprehensive EU digital resilience framework, setting a new standard for EU financial resilience. With the mandatory compliance deadline January 17, 2025 having passed, DORA now impacts more than 22,000 EU financial institutions, including banks, insurers, investment firms, and other Information & Communications Technology service providers operating in the EU region. Non-compliance with DORA carries significant risks, including regulatory fines of up to 2% of an organization's annual revenues, reputational damage, and potential loss of EU market access.
Current market gap analysis reveals that 80% of financial entities lack structured ICT resilience testing, and manual assessments of DORA compliance typically take 3-6 months. There is also limited DORA expertise available, leading to higher permanent compliance costs. D-CAT from AWS addresses these challenges by providing an informational solution designed to help European Union financial entities evaluate their positioning relative to DORA compliance requirements.
D-CAT functions as an assessment tool for recommendations on DORA compliance, offering directional advisory recommendation based on AWS services and best practices. It delivers informational value through gap analysis and recommendation options across DORA's five key areas: ICT Risk Management, ICT Incident Management, Resilience Testing, ICT Third Party Risk Management, and Information Sharing. The tool features a smart assessment engine with 53 targeted compliance questions and a semi-automated evaluation process. It can help financial institutions identify potential areas for improvement and consider compliance priorities, serving as a vital component in their broader DORA compliance efforts.
Whilst D-CAT offers valuable directional guidance, it is important to note that all recommendations are for information only and should be reviewed and validated by an organization's compliance team and internal specialists. The recommendations do not constitute legal advice or guarantee compliance.
“Many firms are overwhelmed by the complexities of DORA or are burdened by slow, manual processes. D-CAT provides clarity, speed, and a way to achieve compliance fast.”
