itSMF Switzerland - Blog #ISO37301

The EU Regulation on Digital Operational Resilience Act (DORA): GRC approach and main related standards

Wed, 24 Apr 2024 07:00:00 +0200

Reading time: ~ 2 min.

The EU Digital Operational Resilience Act (DORA)

In our post, we're going to take a closer look to the EU Regulation 2022/2554, the Digital Operational Resilience Act for the financial sector issued by the European Parliament and the European Council (known as well as «DORA»).

First of all, we should remember that the EU Regulation (date 14 December 2022) entered into force on 16 January 2023 and it applies to the EU financial service providers.

We have to know that the Digital Operational Resilience Act amended also these regulations:

📘 Regulation (EC) No. 1060/2009;

📘 Regulation (EU) No. 648/2012;

📘 Regulation (EU) No. 600/2014;

📘 Regulation (EU) No. 909/2014;

📘 Regulation (EU) No. 2016/1011.

Let's check out in the next lines which requirements have been set by the lawmakers on the new «DORA».

The Digital Operational Resilience Act: the main requirements

The EU Regulation 2022/2554 defines in particular a set of requirements which are meant to ensure digital resilience and security.

The main parts of the Digital Operational Resilience Act on these matters are in the following chapters:

🔖 1. General Provisions

🔖 2. ICT Risk Management

🔖 3. ICT Related Incident Management Process

🔖 4. Digital Operational Resilience test

🔖 5. Managing of ICT Third Party Risk

🔖 6. Information Sharing Arrangement

How can we manage the compliance with all the requirements set by DORA? Our solution is a GRC Approach: let's take a closer look in the chapter below.

How to manage the compliance with DORA requirements?

We can support the management – in an integrated way – of the requirements set by the Digital Operational Resilience Act with the GRC approach based in particular on these ISO standards:

✅ ISO 38500 on Governance;

✅ ISO 31000 on Risk Management;

✅ ISO 37301 on Compliance Management.

This GRC approach provides a useful basis for addressing and integrating too the main aspects of these reference standards:

📘 Resilience and Business Continuity (ISO 22301);

📘 Information Security (ISO 27001);

📘 ICT Services (ISO 20000-1).

Our infographic on DORA requirements and the related ISO standards

To better figure out the «big picture», take a look at our infographic:

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FINMA requirements for ICT resources in Swiss finance industry: GRC approach and main related standards

Wed, 20 Sep 2023 07:00:00 +0200

Reading time: ~ 4 min.

The ICT resources requirements for Swiss finance industry set by FINMA

As you probably already know, in Switzerland FINMA – Eidgenössische Finanzmarktaufsicht; autorité fédérale de surveillance des marchés financiers; autorità federale di vigilanza sui mercati finanziari – is the Financial Market Supervisory Authority.

This authority set indeed a lot of mandatory requirements for all the financial industry players and in particular today we're going to take a closer look at the FINMA Circular 2023/1.

The document has been issued in January 2023 by the authority and it is intended to substitute the previous one – the old Circular 08/21.

In the following lines, we're going to better figure out the main ICT resources requirements set by FINMA for the Swiss financial market that, we have to keep in mind that are subjected to supervision.

The Swiss finance industry ICT resources requirements set by FINMA 23/01 Circular

First of all, we would like to focus our examination on the «Chapter IV» of the aforementioned Circular 23/01 issued by FINMA, due to our GRC approach.

This fourth chapter of the document is indeed about the «Management of Operational Risks» and set in particular these six details:

✅ A. Transversal Management of Operational Risks

✅ B. ICT Risk Management

✅ C. Cyber Risk Management

✅ D. Risk management of critical data

✅ E. Business continuity management (BCM)

✅ F. Management of risks relating to the provision of cross-border services

We just did a brief examination of the Chapter 4 of the FINMA Circular 23/01, but we should keep in mind too that there are other regulations that the document set.

If we take the «Chapter V», we noticed that this one relates to the need of «Ensuring operational resilience».

At this point, we can just have a big question for our compliance strategy: how to can we systematically manage the requirements of the Circular 2023/01 applicabile to the ICT resources?

How to manage the ICT requirements for Swiss finance industry set by FINMA according to the more relevant ISO standards

It is probably correct to say that a modern GRC approach – base on the main ISO standards we can put in relation with the matter – can help us on supporting the integrated management of all the requirements applicable to ICT resources, which are:

Information security
Business continuity
IT services.

We should now figure out which ones are the ISO standards we can rely on to manage the requirements; and these are indeed:

ISO 38500, for the Governance;
ISO 31000, for the Risk Management;
ISO 37301, for the Compliance Management.

We should remember also that a modern GRC approach allows indeed the adoption and of course the integration of the several reference standards (E.G. ISO standards and the NIST standards), as follows:

📘 ISO 27001 «information security standard», ISO 27110 «cybersecurity framework standard» and the NIST standard;

📘 ISO 22301 «business continuity standard»;

📘 ISO 20000-1 «IT services standard».

To better figure out the «big picture» about what we just described in these last lines, we can bring as usual our infographic.

We end our brief overview on the FINMA requirements on ICT resources set by the Circular 2023/1 inviting you to stay tuned on our blog, social media channels and newsletter, to be always updated on the next news about this topic.

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GRC and Data Protection: the GRC approch in EU and Swiss contexts

Wed, 04 Aug 2021 05:00:41 +0200

Reading time: ~ 2 min.

Data protection between EU and Switzerland: the GRC Data Protection approach on GDPR and LPD-DSG-LPD (FDA)

GRC and Data Protection: what about the approach in Switzerland?

We already told you about the new Federal Data Protection Act (also known as LPD) that was enacted in Switzerland in our previous post. Today we are getting back on this topic considering one big challenge for the Swiss companies: the GRC and data protection between European Union and Switzerland.

Many organizations in Switzerland will face a double challenge. They have to manage compliance with the requirements of the LPD and, at the same time, with GDPR too. This one - as known - applies also to the EU citizens personal data processing carried out outside of the EU.

Many Swiss companies have to find a solution that could be suitable for both the contexts.
How to manage compliance with the requirements of the LPD and the GDPR in an integrated way?

The adoption of a common GRC approach (Governance, Risk Management, Compliance) based on the main ISO standards can be of great help.

This can be the right choice with particular reference to the following standards:

Risk management according to ISO 31000
Privacy Impact Assesment on ISO 29134
Compliance management (ISO 37301)
Information security management system (ISO 27001)
Business continuity management system (ISO 22301)
IT Service Management System (ISO 20000-1).

Due to this high relevance for a lot of companies, we will have a special focus on topic with a dedicated class.

ITSMF and MGS will have a partnership on the next class about GRC and Data protection between EU and Switzerland.

We will held this class on 6th and 7th October: but you will get more info about during the next weeks.

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GRC and data protection in Switzerland: structure and main requirements of the LPD

Thu, 22 Jul 2021 05:00:08 +0200

Reading time: ~ 2 min.

Data protection in Switzerland: the Swiss Federal Data Protection Act (DPA)

As is known, on September 25th, 2020, the Federal Data Protection Act (LPD) of Switzerland was enacted.
The LPD - similarly to the GDPR - has a three levels structure: you can find on it chapters, sections and single articles.
There are many clear correlations between the requirements of the Swiss LPD and the requirements of the European GDPR. These are:
The purpose and field of application.
The definition of personal data and processing.
The figures involved (data subject, data controller and data processor).
The applicable principles to the processing.
The rights of the data subject.
The privacy by design and by default.
The obligations of data controllers and processors.
The personal data protection.
The role of the data protection consultant.
The purpose and field of application.
The definition of personal data and processing.
The figures involved (data subject, data controller and data processor).
The applicable principles to the processing.
The rights of the data subject.
The privacy by design and by default.
The obligations of data controllers and processors.
The personal data protection.
The role of the data protection consultant.
How to manage the compliance with the requirements of the Swiss LPD? What is the right answer? Remember, every company has to pay attention to and comply with this act!

The adoption of a GRC (Governance, Risk Management and Compliance) approach based on the main ISO standards can be particularly useful, so we will check it on our next blog posts.

We are going to see how it is possible to execute everything in the right way in the next weeks: so please stay tuned!

Keep in mind also that we are going to take a deeper and closer look at this crucial topic on our next class by itSMF with the partnership of MGS.

This class is going to be scheduled on 6th and 7th October. We will keep you in touch shortly with some details and of course the enrollment.

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Click on one of the options below to enter in the itSMF Enviroment and for being updated the way which is best for you.

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