Record Keeping

DORA

DORA Ch. II Sec. II Art. 11 1.
1. As part of the ICT risk management framework referred to in Article 6(1) and based on the identification requirements set out in Article 8, financial entities shall put in place a comprehensive ICT business continuity policy, which may be adopted as a dedicated specific policy, forming an integral part of the overall business continuity policy of the financial entity.

DORA

DORA Ch. II Sec. II Art. 11 6.

6. As part of their comprehensive ICT risk management, financial entities shall:

(a) test the ICT business continuity plans and the ICT response and recovery plans in relation to ICT systems supporting all functions at least yearly, as well as in the event of any substantive changes to ICT systems supporting critical or important functions;
- For the purposes of the first subparagraph, point (a), financial entities, other than microenterprises, shall include in the testing plans scenarios of cyber-attacks and switchovers between the primary ICT infrastructure and the redundant capacity, backups and redundant facilities necessary to meet the obligations set out in Article 12.
(b) test the crisis communication plans established in accordance with Article 14.

Financial entities shall regularly review their ICT business continuity policy and ICT response and recovery plans, taking into account the results of tests carried out in accordance with the first subparagraph and recommendations stemming from audit checks or supervisory reviews.

DORA

DORA Ch. II Sec. II Art. 11 2.

2. Financial entities shall implement the ICT business continuity policy through dedicated, appropriate and documented arrangements, plans, procedures and mechanisms aiming to:

(a) ensure the continuity of the financial entity’s critical or important functions;
(b) quickly, appropriately and effectively respond to, and resolve, all ICT-related incidents in a way that limits damage and prioritises the resumption of activities and recovery actions;
(c) activate, without delay, dedicated plans that enable containment measures, processes and technologies suited to each type of ICT-related incident and prevent further damage, as well as tailored response and recovery procedures established in accordance with Article 12;
(d) estimate preliminary impacts, damages and losses;
(e) set out communication and crisis management actions that ensure that updated information is transmitted to all relevant internal staff and external stakeholders in accordance with Article 14, and report to the competent authorities in accordance with Article 19.

DORA

DORA Ch. II Sec. II Art. 11 4.
4. Financial entities shall put in place, maintain and periodically test appropriate ICT business continuity plans, notably with regard to critical or important functions outsourced or contracted through arrangements with ICT third-party service providers.

DORA

DORA Ch. II Sec. II Art. 11 5.
5. As part of the overall business continuity policy, financial entities shall conduct a business impact analysis (BIA) of their exposures to severe business disruptions. Under the BIA, financial entities shall assess the potential impact of severe business disruptions by means of quantitative and qualitative criteria, using internal and external data and scenario analysis, as appropriate. The BIA shall consider the criticality of identified and mapped business functions, support processes, third-party dependencies and information assets, and their interdependencies. Financial entities shall ensure that ICT assets and ICT services are designed and used in full alignment with the BIA, in particular with regard to adequately ensuring the redundancy of all critical components.

DORA

DORA Ch. II Sec. II Art. 11 7.
7. Financial entities, other than microenterprises, shall have a crisis management function, which, in the event of activation of their ICT business continuity plans or ICT response and recovery plans, shall, inter alia, set out clear procedures to manage internal and external crisis communications in accordance with Article 14.

DORA

DORA Ch. II Sec. II Art. 11 8.
8. Financial entities shall keep readily accessible records of activities before and during disruption events when their ICT business continuity plans and ICT response and recovery plans are activated.

DORA

DORA Ch. II Sec. II Art. 11 9.
9. Central securities depositories shall provide the competent authorities with copies of the results of the ICT business continuity tests, or of similar exercises.

DORA

DORA Ch. II Sec. II Art. 11 10.
10. Financial entities, other than microenterprises, shall report to the competent authorities, upon their request, an estimation of aggregated annual costs and losses caused by major ICT-related incidents.

DORA

DORA Ch. II Sec. II Art. 14 1.
1. As part of the ICT risk management framework referred to in Article 6(1), financial entities shall have in place crisis communication plans enabling a responsible disclosure of, at least, major ICT-related incidents or vulnerabilities to clients and counterparts as well as to the public, as appropriate.

DORA

RTS ICT Risk Management T. II Ch. IV Art. 24 , 1

1. Financial entities shall include in their ICT business continuity policy referred to in Article 11(1) of Regulation (EU) 2022/2554 all of the following:

(a) a description of:
- (i) the objectives of the ICT business continuity policy, including the interrelation of ICT and overall business continuity, and considering the results of the business impact analysis (BIA) referred to in Article 11(5) of Regulation (EU) 2022/2554;
- (ii) the scope of the ICT business continuity arrangements, plans, procedures, and mechanisms, including
  limitations and exclusions;
- (iii) the timeframe to be covered by the ICT business continuity arrangements, plans, procedures, and
  mechanisms;
- (iv) the criteria to activate and deactivate ICT business continuity plans, ICT response and recovery plans, and crisis communications plans;
(b) provisions on:
- (i) the governance and organisation to implement the ICT business continuity policy, including roles,
  responsibilities and escalation procedures ensuring that sufficient resources are available;
- (ii) the alignment between the ICT business continuity plans and the overall business continuity plans,
  concerning at least all of the following:
  - (1) potential failure scenarios, including the scenarios referred to in Article 26(2) of this Regulation;
  - (2) recovery objectives, specifying that the financial entity shall be able to recover the operations of its critical or important functions after disruptions within a recovery time objective and a recovery point objective;
  - (iii) the development of ICT business continuity plans for severe business disruptions as part of those plans, and the prioritisation of ICT business continuity actions using a risk-based approach;
  - (iv) the development, testing and review of ICT response and recovery plans, in accordance with Articles 25 and 26 of this Regulation;
  - (v) the review of the effectiveness of the implemented ICT business continuity arrangements, plans, procedures and mechanisms, in accordance with Article 26 of this Regulation;
    (vi) the alignment of the ICT business continuity policy to:
    - (1) the communication policy referred to in Article 14(2) of Regulation (EU) 2022/2554;
    - (2) the communication and crisis communication actions referred to in Article 11(2), point (e), of Regulation (EU) 2022/2554.

DORA

RTS ICT Risk Management T. II Ch. IV Art. 24 , 2

2. In addition to the requirements referred to in paragraph 1, central counterparties shall ensure that their ICT business continuity policy:

(a) contains a maximum recovery time for their critical functions that is not longer than 2 hours;
- For the purposes of point (a), central counterparties shall complete end of day procedures and payments on the required time and day in all circumstances.
(b) takes into account external links and interdependencies within the financial infrastructures, including trading venues cleared by the central counterparty, securities settlement and payment systems, and credit institutions used by the central counterparty or a linked central counterparty;
(c) requires that arrangements are in place to:
- (i) ensure the continuity of critical or important functions of the central counterparty based on disaster scenarios;
  - For the purposes of point (c)(i), arrangements referred to in that point shall address the availability of adequate human resources, the maximum downtime of critical functions, and fail over and recovery to a secondary site.
- (ii) maintain a secondary processing site capable of ensuring continuity of critical or important functions of the central counterparty identical to the primary site;
  - For the purposes of point (c)(ii), the secondary processing site referred to in that point shall have a geographical risk profile which is distinct from that of the primary site.
- (iii) maintain or have immediate access to a secondary business site, to allow staff to ensure continuity of the service if the primary location of business is not available;
- (iv) consider the need for additional processing sites, in particular where the diversity of the risk profiles of the primary and secondary sites does not provide sufficient confidence that the central counterparty’s business continuity objectives will be met in all scenarios.

DORA

RTS ICT Risk Management T. II Ch. IV Art. 24 , 3

3. In addition to the requirements referred to in paragraph 1, central securities depositories shall ensure that their ICT business continuity policy:

(a) takes into account any links and interdependencies to users, critical utilities and critical service providers, other central securities depositories and other market infrastructures;
(b) requires its ICT business continuity arrangements to ensure that the recovery time objective for their critical or important functions shall not be longer than 2 hours.

DORA

RTS ICT Risk Management T. II Ch. IV Art. 24 , 4

4. In addition to the requirements referred to in paragraph 1, trading venues shall ensure that their ICT business continuity policy ensures that:

(a) trading can be resumed within or close to 2 hours of a disruptive incident;
(b) the maximum amount of data that may be lost from any IT service of the trading venue after a disruptive incident is close to zero.

DORA

RTS ICT Risk Management T. II Ch. IV Art. 25 , 1
1. When testing the ICT business continuity plans in accordance with Article 11(6), of Regulation (EU) 2022/2554, financial entities shall take into account the financial entity’s business impact analysis (BIA) and the ICT risk assessment referred to in Article 3(1), point (b), of this Regulation.

DORA

RTS ICT Risk Management T. II Ch. IV Art. 25 , 2

2. Financial entities shall assess through the testing of their ICT business continuity plans referred to in paragraph 1 whether they are able to ensure the continuity of the financial entity’s critical or important functions. That testing shall:

(a) be performed on the basis of test scenarios that simulate potential disruptions, including an adequate set of severe but plausible scenarios;
- For the purposes of point (a), financial entities shall always include in the testing the scenarios considered for the
  development of the business continuity plans.
(b) contain the testing of ICT services provided by ICT third-party service providers, where applicable;
- For the purposes of point (b), financial entities shall duly consider scenarios linked to insolvency or failures of the ICT thirdparty service providers or linked to political risks in the ICT third-party service providers’ jurisdictions, where relevant.
(c) for financial entities, other than microenterprises, as referred to in Article 11(6), second subparagraph, of Regulation (EU) 2022/2554, contain scenarios of switchover from primary ICT infrastructure to the redundant capacity, backups and redundant facilities;
- For the purposes of point (c), the testing shall verify whether at least critical or important functions can be operated
  appropriately for a sufficient period of time, and whether the normal functioning may be restored.
(d) be designed to challenge the assumptions on which the business continuity plans are based, including governance arrangements and crisis communication plans;
(e) contain procedures to verify the ability of the financial entities’ staff, of ICT third-party service providers, of ICT systems, and ICT services to respond adequately to the scenarios duly taken into account in accordance with Article 26(2).

DORA

RTS ICT Risk Management T. II Ch. IV Art. 25 , 3

3. In addition to the requirements referred to in paragraph 2, central counterparties shall involve in the testing of their ICT business continuity plans referred to in paragraph 1:

(a) clearing members;
(b) external providers;
(c) relevant institutions in the financial infrastructure with which central counterparties have identified interdependencies in their business continuity policies.

DORA

RTS ICT Risk Management T. II Ch. IV Art. 25 , 4

4. In addition to the requirements referred to in paragraph 2, central securities depositories shall involve in the testing of their ICT business continuity plans referred to in paragraph 1, as appropriate:

(a) users of the central securities depositories;
(b) critical utilities and critical service providers;
(c) other central securities depositories;
(d) other market infrastructures;
(e) any other institutions with which central securities depositories have identified interdependencies in their business continuity policy.

DORA

RTS ICT Risk Management T. II Ch. IV Art. 25 , 5
5. Financial entities shall document the results of the testing referred to in paragraph 1. Any identified deficiencies resulting from that testing shall be analysed, addressed, and reported to the management body

DORA

RTS ICT Risk Management T. II Ch. IV Art. 26 , 1

1. When developing the ICT response and recovery plans referred to in Article 11(3) of Regulation (EU) 2022/2554, financial entities shall take into account the results of the financial entity’s business impact analysis (BIA). Those ICT response and recovery plans shall:

(a) specify the conditions prompting their activation or deactivation, and any exceptions for such activation or deactivation;
(b) describe what actions are to be taken to ensure the availability, integrity, continuity, and recovery of at least ICT systems and services supporting critical or important functions of the financial entity;
(c) be designed to meet the recovery objectives of the operations of the financial entities;
(d) be documented and made available to the staff involved in the execution of ICT response and recovery plans and be readily accessible in case of emergency;
- For the purposes of point (d), financial entities shall clearly specify roles and responsibilities.
(e) provide for both short-term and long-term recovery options, including partial systems recovery;
(f) lay down the objectives of ICT response and recovery plans and the conditions to declare a successful execution of those plans.

DORA

RTS ICT Risk Management T. II Ch. IV Art. 26 , 2

2. The ICT response and recovery plans referred to in paragraph 1 shall identify relevant scenarios, including scenarios of severe business disruptions and increased likelihood of occurrence of disruption. Those plans shall develop scenarios based on current information on threats and on lessons learned from previous occurrences of business disruptions. Financial entities shall duly take into account all of the following scenarios:

(a) cyber-attacks and switchovers between the primary ICT infrastructure and the redundant capacity, backups, and redundant facilities;
(b) scenarios in which the quality of the provision of a critical or important function deteriorates to an unacceptable level or fails, and duly consider the potential impact of the insolvency, or other failures, of any relevant ICT thirdparty service provider;
(c) partial or total failure of premises, including office and business premises, and data centres;
(d) substantial failure of ICT assets or of the communication infrastructure;
(e) the non-availability of a critical number of staff or staff members in charge of guaranteeing the continuity of operations;
(f) impact of climate change and environment degradation related events, natural disasters, pandemics, and physical attacks, including intrusions and terrorist attacks;
(g) insider attacks;
(h) political and social instability, including, where relevant, in the ICT third-party service provider’s jurisdiction and the location where the data are stored and processed;
(i) widespread power outages.

DORA

RTS ICT Risk Management T. II Ch. IV Art. 26 , 3
3. Where the primary recovery measures may not be feasible in the short term because of costs, risks, logistics, or unforeseen circumstances, the ICT response and recovery plans referred to in paragraph 1 shall consider alternative options.

DORA

RTS ICT Risk Management T. II Ch. IV Art. 26 , 4
4. As part of the ICT response and recovery plans referred to in paragraph 1, financial entities shall consider and implement continuity measures to mitigate failures of ICT third-party service providers of ICT services supporting critical or important functions of the financial entity.

1. Overview

Record Keeping

1.1 References

1.2 Identified Requirements

1.2 Related Regulation

2. Identified Requirements

3. Related Regulations