DORA Regulation: Navigating Third-Party Risk in Identity Verification
Blog post from Didit
The Digital Operational Resilience Act (DORA) is a significant European Union regulation set to take effect on January 17, 2025, aimed at enhancing the ICT security of financial entities by establishing a cohesive framework for managing ICT risks. Extending beyond financial institutions to include critical ICT third-party service providers, DORA necessitates that financial entities ensure their ICT systems, particularly those involving external identity verification services, are resilient to disruptions. This involves comprehensive third-party risk management frameworks encompassing due diligence, contractual agreements, ongoing monitoring, and exit strategies. The act underscores the importance of operational resilience, requiring regular digital resilience testing and robust incident management processes. Didit's AI-native identity platform, with features like ID Verification, Liveness Detection, and AML Screening, is designed to support DORA compliance by offering resilient, transparent, and auditable verification processes, aiding financial entities in meeting the regulation's stringent requirements.
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