Just 6.5 per cent of the registers analysed in the dry run exercise on reporting the registers of information under the Digital Operational Resilience Act (DORA) successfully passed all quality checks, the European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) have revealed.

However, the ESAs’ summary report on the exercise revealed that 50 per cent of the remaining registers failed less than five out of 116 data quality checks.

Around 1,000 financial entities across the EU submitted data, and the ESAs said it was “in line with expectations”.

The ESAs announced the dry run exercise on the reporting of registers of information in April 2024 to help the industry prepare for the DORA.

Following the exercise, the ESAs said the results show that the goal of reporting of registers of information under DORA is “within reach”.

“The conclusions and lessons learnt as well as individual data quality feedback provided to financial entities during the exercise will aid preparations for the official reporting starting in 2025,” the ESAs said.

“The ESAs are confident that the objective of having registers of sufficient quality in 2025 that would allow for the designation of critical third-party service providers (CTPPs) is not out of reach, subject to some additional efforts from the industry.”

However, they said that the key findings presented in the summary report and all supporting materials provided by the ESAs should be “carefully considered” by all industry stakeholders, including the financial entities that did not participate in the exercise.

To support the dry run exercise and wider industry preparation, the ESAs provided numerous tools such as templates for the registers, a draft data point model, a draft reporting taxonomy, examples and instructions for filling data fields, and a tool for converting submissions into the required reporting format.

Furthermore, the ESAs supported financial entities through a series of workshops, maintained and updated a ‘frequently asked questions’ document and responded to individual queries through an email-based ‘hotline’.

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