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European Insurance and Occupational Pensions Authority
 

DORA001 - 2622

Q&A

Question ID: DORA001 - 2622

Regulation Reference: (EU) 2022/2554 - Digital Operational Resilience Act (DORA)

Topic: Key Functions

Article: 3(22)

Status: Under Review

Date of submission: 11 Apr 2023

Question

Is there a detailed list of critical or important functions from a DORA perspective?

Background of the question

We are wondering whether EIOPA, since its part of ESMA, might shed some light on this. From our understanding and reviewing the definition critical or important function described in DORA: - A function, the disruption of which would materially impair the financial performance of a financial entity: this classification may be obtained by each insurance firm based on their own categorization, covered by Business Continuity. - A function, the soundness or continuity of its services and activities: this classification may be obtained by each insurance firm based on their own categorization, covered by Business Continuity. - A function, the discontinued, defective or failed performance of that function would materially impair the continuing compliance of a financial entity with the conditions and obligations of its authorisation, or with its other obligations under applicable financial services law: in this part, insurance firms are asking whether there is a detailed list of processes to consider so as to better determine which ones to focus under DORA. Finally, we understand that once a function covers one of the three considerations is enough to be considered like this and the Supervisory expectancy is that in the Process Map of each entity, critical or important functions are labeled like this and/or there is an inventory updated (p.ej. Excel)