Incident response in DORA
Financial institutions must:
- Detect and respond to incidents quickly
- Report major ICT incidents to regulators
- Involve affected third-party providers when relevant
How contracts come into play
Incident readiness isn’t just about IT systems. It’s also about knowing:
- What has been agreed upon with vendors (e.g., SLAs, responsibilities)
- Who to contact in case of a breach or outage
- How to escalate based on contract terms
Precisely’s contribution to incident readiness
- Searchable contract database to quickly find agreements linked to the affected service or vendor
- Critical contact info available instantly
- Escalation workflows to notify the right people fast
- Clause visibility to understand protections or obligations without delay
Conclusion
When an incident strikes, speed and clarity matter. With Precisely, organizations can quickly surface the relevant contractual information, trigger the right workflows, and stay in control—just as DORA expects.
Read more about DORA:
What is DORA and Why Does It Matter for Financial Services?
How DORA Impacts Third-Party Risk Management and How CLM Tools Help
Proving Compliance: How to Build DORA-Ready Contract Workflows
