The European Supervisory Authorities have released a summary report outlining the results of the 2024 Dry Run exercise on reporting registers of information under the DORA.
This initiative aimed to evaluate data quality and support financial entities in preparing for mandatory reporting, which will commence in 2025.
The exercise involved nearly 1,000 financial entities across the EU, assessing their readiness to provide high-quality data in compliance with regulatory standards. Approximately 6.5% of submitted registers passed all data quality checks, while half of the remaining registers had fewer than five issues out of 116 quality checks. Despite challenges, the ESAs view the goal of achieving sufficient data quality by 2025 as feasible, contingent on continued industry efforts.
To facilitate the Dry Run and broader industry readiness, the ESAs provided various tools, including templates, a draft data point model, reporting taxonomy, and detailed guidance for completing data fields. Financial entities also received support through workshops, a frequently updated FAQ document, and an email hotline for queries.
Data quality checks were applied to all submissions, with individual feedback shared with national authorities and participating entities. Additionally, in November 2024, the ESAs published validation rules and a visual data model, which will form part of an updated technical reporting package to be released soon.
The ESAs are continuing their Dry Run workshops, with the final session scheduled for December 18, focusing on the summary report and updates to the final ITS (Implementing Technical Standards) on Registers of Information. Financial entities are encouraged to use the feedback provided during the Dry Run to improve data quality and ensure compliance with the regulatory framework.
Since April 2024, the ESAs have supported financial entities in preparing to report contractual arrangements related to ICT services provided by third-party providers. The Dry Run exercise was designed to simulate the official reporting process, enabling entities to test their systems in a controlled environment. These registers will play a critical role in the designation of critical ICT third-party providers (CTPPs) under the ESAs’ oversight starting in 2025.
This preparatory phase underscores the importance of collaboration between financial entities and regulatory authorities to address data quality challenges and refine reporting processes. By leveraging insights from the Dry Run exercise, entities can align their systems and practices with the requirements outlined in DORA, ensuring that the 2025 reporting cycle is both efficient and effective in supporting the oversight and designation of critical ICT third-party providers.
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