Digital Operational Resilience Act (DORA)

The Digital Operational Resilience Act (DORA) emerges as a pivotal regulatory framework established by the European Union to bolster the operational resilience of digital service providers, with a particular emphasis on the banking sector. Encompassing a broad spectrum of mandates, DORA seeks to mitigate risks inherent in the digital landscape, ensuring the continuity and security of critical services. Within the purview of DORA compliance, Ver.iD operates as a pivotal ally for entities using decentralized identities for Know Your Customer (KYC) or Know Your Business (KYB) procedures. It is therefore essential to recognize that the our service may implicate DORA compliance obligations on our end.

Roadmap

Phase	Date	Description
Planning Phase	Q2 2024	Determine the requirements to be able to meet DORA requirements, assessment conducted by Risk and Internal Audit
Assessment Phase	Q2 2024	Conduct a high-level assessment on the DORA requirements and the perceived impact on our organization
Deep-dive	Q3 2024	Conduct a deep-dive on the gaps identitied in the assessment phase, design and implement controls to mitigate these risks
Internal audit	Q4 2024	Perform internal assessment on the procedures performed and obtain management approval on DORA compliance

Status

We are currently in the process of executing the procedures to become DORA compliant. This is a combined effort of Risk and Internal Audit.