DORA Compliance
Automated reporting designed with you in control
DORA Compliance
Automated reporting designed with you in control
About DORA
The Digital Operational Resilience Act (DORA) is a regulation introduced by the European Union to strengthen the digital resilience of financial entities. It entered into application on 17 Jan 2025 and ensures that banks, insurance companies, investment firms and other financial entities can withstand, respond to, and recover from ICT (Information and Communication Technology) disruptions, such as cyberattacks or system failures.
DORA brings harmonisation to rules relating to operational resilience for the financial sector, applicable to 20 different types of financial entities and ICT third-party service providers.
Why is DORA needed?
The financial sector is increasingly dependent on technology and on tech companies to deliver financial services. This makes financial entities vulnerable to cyber-attacks or incidents.
When not managed properly, ICT risks can lead to disruptions of financial services offered across borders. This in turn, can have an impact on other companies, sectors and even on the rest of the economy, which underlines the importance of the digital operational resilience of the financial sector.
This is where the Digital Operational Resilience Act, or DORA, comes into play.
Who Must Comply?
- Banks
- Insurance and reinsurance companies
- Investment firms
- Crypto asset service providers
- Payment institutions
- Third-party ICT providers (under oversight)
Key Requirements of DORA
ICT Risk Management
- Risk identification, protection, detection, response, recovery
- Governance and control by senior management
ICT-Related Incident Reporting
- Mandatory reporting of major incidents to authorities
- Standardized format and timeline (initial, intermediate, final reports)
Digital Operational Resilience Testing
- All firms: Basic testing
- Critical firms: Threat-Led Penetration Testing (TLPT) every 3 years
Third-Party Risk Management
- Risk assessments and contracts with ICT providers
- Critical third parties may come under direct EU oversight
Information Sharing
- Encourages secure sharing of cyber threat intelligence among peers
How DataTracks helps with DORA compliance?
With DataTracks Glacier you get
- Cloud-Based Platform: Access from anywhere, anytime
- End-to-End Automation: Minimise manual work, maximise efficiency
- Excel Upload: Simple and familiar input method
- Built-In Validation: Spot errors early with smart checks
- Jurisdiction-Specific Output: Tailored for local regulatory bodies
- XBRL & XBRL-CSV Output: Generate validated reports with ease
- Auto Taxonomy Updates: Stay compliant without manual updates
- Up-to-Date Validation Rules: Always aligned with regulatory changes
- Multi-User Access: Collaborate across teams
- Role-Based Permissions: Assign reviewer and preparer roles
- Lightweight & Fast: Designed for performance and speed
- Dedicated Product Support: Expert help when you need it
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What is ESEF Reporting?
ESEF stands for European Single Electronic Format. It is a new reporting format for public companies in the European Union that requires them to publish their annual financial reports in a single, electronic format. ESEF is designed to improve the transparency and comparability of financial reporting across the EU.
Which companies need to comply with the ESEF tagging mandate?
What are the requirements for preparing an ESEF iXBRL report?
ESEF iXBRL reports must be prepared in XHTML format, with IFRS consolidated financial statements tagged using XBRL. The XBRL tags must be embedded in the XHTML document using Inline XBRL technology.
Who is affected by the ESEF reporting requirement?
The ESEF Reporting Requirements affect all issuers whose securities are admitted to trading on regulated markets within the European Union (EU), as well as all issuers who are required to prepare consolidated financial statements in accordance with International Financial Reporting Standards (IFRS), unless they are small and micro enterprises (SMEs) and their securities are not admitted to trading on a regulated market.
What does the ESEF regulation mean for auditors and supervisory boards?
The ESEF regulation focuses on publishing annual financial reports, with compliance extending beyond converting audited data into electronic format. The ESEF-RefE emphasizes third-party verification of accuracy. Although the EU Commission handles the audit, auditors and supervisory boards play a crucial role in confirming tag accuracy. At DataTracks, we assist auditors for precise ESEF reporting, enhancing overall financial disclosure quality.
