The Luxembourg Financial Sector Supervisory Commission (CSSF) has launched a survey aimed at assessing the readiness of financial entities in Luxembourg as they approach the final stages of implementing the Digital Operational Resilience Act (Dora). The survey, which began on 19 August 2024, is a crucial step in understanding the preparedness of financial institutions before Dora becomes applicable on 17 January 2025, the regulator in a press statement on Monday.
The primary objective of the survey is to gauge the level of readiness among financial entities concerning the Dora regulations. The CSSF aims to identify the main challenges these institutions face as they work towards compliance with the new operational resilience requirements. By gathering this information, the CSSF seeks to pinpoint areas where further support or clarification may be needed.
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Additionally, the CSSF intends to use the survey to raise awareness among financial entities that may be lagging in their preparations for Dora. The survey serves as a reminder of the impending deadline and encourages those who have not yet completed their readiness processes to expedite their efforts.
Entities subject to Dora regulations and licensed as financial entities in Luxembourg, including those under direct supervision by the European Central Bank, have been invited to participate in the survey. Invitations have been sent via email, with the request for participants to provide their readiness status as of 1 September 2024. The CSSF will accept responses until 15 September 2024 through a dedicated procedure available on eDesk, the CSSF’s online platform.
The survey itself is designed to be straightforward, consisting of just 10 closed questions. The CSSF has noted that this should make the process quick and efficient for participants. While participation in the survey is not mandatory, the CSSF has strongly recommended that all eligible entities take part.