ABBL DORA Compliance event: key takeaways and survey results

On 21 June 2024, the ABBL, in collaboration with EY Luxembourg, organised an event dedicated to DORA (Digital Operational Resilience Act) compliance requirements. Held at the premises of EY Luxembourg, the event was aimed at senior executives from ABBL member institutions. The conference provided a valuable platform for sharing knowledge, discussing challenges and exploring solutions related to operational resilience in the financial sector.

Here are the key learnings from this exclusive event!

ABBL Survey overview: assessing readiness for DORA

The event entitled “Frontline Feedback: How Top Financial Firms are Tackling DORA” began with a presentation of the ABBL’s DORA readiness survey, which collected data from March to June 2024. The survey aimed to assess the readiness of Luxembourg financial institutions to meet the DORA compliance deadline of 17 January 2025.

The main findings of the survey are as follows:

Confidence levels

the survey found that nearly 80% of credit institutions are confident to meet DORA compliance deadlines, although these are very challenging.

Stages of preparation

25% of respondents are in the planning stages and 25% have started to implement their project. Most of respondents is in the gap analysis phase.

Main challenges

25% of respondents are in the planning stages and 25% have started to implement their project. Most of respondents is in the gap analysis phase.

Here is the survey – reserved for Members of the ABBL: 

• ABBL DORA Readiness Survey 2024

Highlights of the event

1. Introduction and overview

Laurent Moscetti, Partner and Head of Alternative Investment Advisory at EY Luxembourg, opened the event with an overview of the implications of DORA for the financial sector. His introduction set the scene for the detailed discussions that followed.

2. Findings of the ABBL’s DORA survey

Ananda Kautz, Head of Innovation and ABBL Board Member, presented the results of the survey. She highlighted the level of readiness of financial institutions towards DORA and the main challenges that require attention. Her presentation emphasised the need for early and thorough preparation for the DORA that starts to apply will as of 17 January 2025.

3. EY expert views

Eight design principles for a successful DORA programme: Borja Bosch, Senior Manager of Technology Risk Advisory at EY Belgium, presented a structured approach to designing effective DORA programmes. His thoughts were aimed at helping institutions create solid frameworks to ensure compliance.

Anticipated administrative sanctions: Laurence Chatenier, Senior Manager at EY Luxembourg, discussed potential sanctions in the event of non-compliance. She stressed the importance of meeting regulatory deadlines to avoid penalties.

4. Panel discussion

Moderated by Guillaume Carballo and Karim Bouaissi from EY Luxembourg, the panel included leaders from different sectors, including Franck Bedell (CISO of the Year 2023, Baloise Luxembourg) and Nejib Zaouali (CISO, Clearstream). The panellists shared their real-life compliance experiences, offering practical advice and information on how companies can comply with the regulations.

5. Networking lunch

The event concluded with a networking session, allowing participants to engage in meaningful exchanges and forge links. The informal setting facilitated discussions on best practice and collaborative strategies for improving operational resilience.

Key findings

• Preparation is key: Start early and ensure full planning and implementation. Do not wait to collect the information on the ICT third-party arrangements.
• Collaboration: Leverage on peers and professional associations, and headquarters if relevant
• Training: Start trainings at different levels, especially given the governance duty including active involvement from the management body to achieve awareness, visibility and compliance.

The ABBL is committed to supporting its members with ongoing advice and resources. We thank all speakers and participants for contributing to a successful and rewarding event. As we move closer to the DORA compliance deadline, the ABBL will continue to facilitate knowledge sharing and collaboration within the financial sector.

Any questions?

Contact Andrey Martovoy, Senior Adviser – Innovation & Digital