They can take the following critical steps: • Start early: Fund managers should not leave DORA compliance until the last minute. Beginning early allows for a thorough assessment of the impact and the development of a well-structured plan. • Conduct an extensive impact assessment: A detailed impact assessment is required to determine the scope of changes required to comply, determine policy and procedure gaps and opportunities for improvement. • Dedicated Teams: Form a team of professionals from the legal, compliance, risk management, and IT departments to handle the implementation process efficiently. • External experts: Bring in external specialists with regulatory compliance skills if necessary to gain a complete understanding of DORA’s standards. • Develop a Comprehensive Action Plan: The plan should include specific tasks, deadlines, responsible parties, and significant milestones to address the changes required for compliance. • Participate in Regulatory Bodies and Industry Associations: Attend workshops and conferences to stay current on DORA compliance advancements and best practises. • Make training and awareness a top priority: Inform staff from all departments about the significance of DORA and their role in compliance. Regular training sessions help to foster a compliance culture. • Simulate disruptive events to assess the firm’s ability to respond and recover, emphasising areas for operational resilience enhancement. How does Parva Consulting support clients in preparing for and navigating regulatory changes like DORA? Parva Consulting assists customers in preparing for regulatory developments like DORA, achieving compliance and improving operational resilience through professional consulting services. • Impact Evaluations: Parva Consulting will undertake a complete impact analysis, examining companies’ operations, risk management systems, and procedures to discover DORA compliance changes. • Application of regulatory rules and best practices: Navigating complex regulatory changes requires experience and understanding. Parva Consulting provides guidance on DORA’s requirements, as well as the interpretation of rules and best practice insights. • Creating an Action Plan: We support clients in developing and implementing strong action plans that outline activities, timelines, and milestones for DORA compliance. • Employee Education: Parva Consulting provides training programmes to guarantee that staff are well-informed and capable of contributing to compliance activities. • Technological Solutions: We aid in the identification and implementation of technological solutions for streamlined compliance processes, such as risk management and cybersecurity. • Ongoing Support: Parva Consulting provides clients in the funds industry with ongoing support and monitoring, keeping them informed of DORA-related changes, assisting them in adapting their compliance plans, and ensuring a smooth transition through the regulatory reforms to improve operational resilience and achieving a robust compliance framework. DORA intends to impose higher transparency standards on investment firms, forcing them to provide more detailed and regular disclosures to regulatory agencies and investors. Finance Monthly. Business 49
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