The EU’s Digital Operational Resilience Act (DORA) is a regulatory framework designed to ensure that all participants in the financial system, including financial entities and their critical third-party service providers, have robust operational resilience.
The regulation entered into force on 16 January 2023 and will apply as of 17 January 2025.
Kappawise Vet has features that help companies meet DORA’s requirements.
Due Diligence Report Compilation
DORA requires financial institutions to conduct thorough due diligence to assess the risks associated with their ICT systems and third-party service providers. Kappawise Vet’s ability to compile comprehensive due diligence reports provides detailed insights into customer backgrounds and potential risks. This ensures that financial institutions can make informed decisions and maintain compliance with DORA’s rigorous standards.
Full Traceability and Auditability
Regulatory compliance under DORA necessitates full traceability and auditability of all processes. Kappawise Vet ensures that all data changes and processes are fully traceable and auditable. This is essential for maintaining compliance with DORA’s requirements, as it allows for detailed audits and reviews, ensuring that financial institutions can demonstrate their adherence to the regulations.
Ultimate Beneficial Owner (UBO) Identification
One of the key elements of DORA is ensuring transparency in financial transactions to mitigate risks. Kappawise Vet excels in UBO identification, which helps financial institutions identify the real individuals behind corporate entities. This transparency is crucial for compliance with DORA’s requirements, as it helps in preventing money laundering and other financial crimes.
Enhanced Security and Efficiency
DORA emphasizes the importance of secure and efficient ICT systems. Kappawise Vet is designed with advanced security features that ensure the safe handling of customer data and secure verification processes. Its efficiency in automating KYC processes also means that financial institutions can reduce the time and resources spent on compliance, allowing them to focus on core business activities.