DORA
EU regulation for digital operational resilience in financial sector
GRI
Global standards for sustainability impact reporting.
Quick Verdict
DORA mandates ICT resilience for EU financial firms via risk management and testing, while GRI offers voluntary global sustainability reporting on material impacts. Firms adopt DORA for regulatory compliance; GRI for stakeholder transparency and strategic ESG benchmarking.
DORA
Regulation (EU) 2022/2554 Digital Operational Resilience Act
Key Features
- Harmonizes ICT resilience rules across 27 EU states
- Mandates management-overseen ICT risk management frameworks
- Imposes 4-hour initial major incident reporting
- Requires triennial threat-led penetration testing (TLPT)
- Enforces direct oversight of critical third-party providers
GRI
GRI Standards
Key Features
- Impact-based materiality assessment process
- Modular Universal, Sector, Topic Standards
- Mandatory GRI Content Index for traceability
- Broad worker scope including contractors
- Supply chain environmental and OHS disclosures
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
DORA Details
What It Is
Digital Operational Resilience Act (DORA), formally Regulation (EU) 2022/2554, is an EU regulation bolstering ICT resilience in finance against disruptions like cyberattacks. It targets 20 financial entity types and critical third-party providers (CTPPs), employing a risk-based, proportional approach harmonized across 27 member states.
Key Components
- **ICT Risk ManagementFrameworks for risk identification, protection, detection, response, recovery, integrated with business strategy.
- **Incident ReportingLog, classify, report major incidents (e.g., >5% users affected) in 4 hours initially, 72 hours intermediate, 1-month root-cause.
- **Resilience TestingAnnual basic ICT tests; triennial TLPT for critical functions.
- **Third-Party OversightContractual clauses, monitoring, ESAs supervision of CTPPs via JETs. Enforced with fines up to 2% global turnover.
Why Organizations Use It
Legal mandate prevents penalties; mitigates systemic risks (74% ransomware incidents); enhances cyber resilience post-CrowdStrike; builds trust; drives cybersecurity investments (€10-15B EU-wide).
Implementation Overview
Gap analysis against RTS/ITS; develop policies, testing plans, vendor management. Applies to ~22,000 EU entities proportionally by size/complexity. Ongoing audits, full compliance by January 17, 2025.
GRI Details
What It Is
GRI Standards (Global Reporting Initiative) are a modular framework for sustainability reporting. They enable organizations to disclose significant impacts on economy, environment, and people using an impact-centric materiality approach, prioritizing actual and potential effects over financial materiality alone.
Key Components
- Universal Standards (GRI 1: Foundation, GRI 2: General Disclosures, GRI 3: Material Topics): Baseline requirements, principles (accuracy, balance, verifiability), and materiality process.
- **Sector StandardsHigh-impact sector-specific topics.
- **Topic StandardsDetailed disclosures (e.g., GRI 403 Occupational Health & Safety). Compliance via "in accordance" claims and mandatory GRI Content Index; no certification.
Why Organizations Use It
- Regulatory alignment (e.g., EU CSRD interoperability).
- Enhanced stakeholder trust, benchmarking, risk management.
- Strategic ESG integration, investor appeal via GRI-SASB complementarity.
Implementation Overview
Phased: governance setup, materiality assessment, data systems, reporting. Applies globally to all sizes/industries; assurance recommended for credibility.
Key Differences
| Aspect | DORA | GRI |
|---|---|---|
| Scope | ICT risk management, resilience testing, third-party oversight in finance | Sustainability impacts on economy, environment, people via topic standards |
| Industry | EU financial entities and critical ICT providers | All industries worldwide, any organization size |
| Nature | Mandatory EU regulation with enforcement | Voluntary global reporting framework |
| Testing | Annual basic tests, triennial TLPT for critical entities | Materiality assessments, internal/external audits for verifiability |
| Penalties | Up to 2% global turnover fines | No legal penalties, reputational risks only |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about DORA and GRI
DORA FAQ
GRI FAQ
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