Compliance for a Systemically Important Financial Institution: Strengthening Security with HiQ

Client: A major Swedish pension institute and fund manager
Industry: Financial Services
Solution Area: Compliance and Risk Management for DORA

The Challenge: Preparing for DORA Compliance

The customer, a pension institute serving millions of Swedish citizens, operates in a highly regulated financial ecosystem. As an entity of systemic importance, the customer must comply with DORA (Digital Operational Resilience Act), a comprehensive EU regulation coming into effect in January 2025.

DORA mandates the implementation of:

• A robust risk management framework.
• Effective incident management and reporting.
• Enhanced security testing capabilities.
• Comprehensive third-party risk management for ICT service providers.

Ensuring compliance with these requirements while maintaining operational efficiency posed a significant challenge, requiring expert guidance and a structured approach.

The Solution: A Structured Path to Compliance

HiQ partnered with the customer to deliver a tailored solution for achieving DORA compliance. The engagement began with a GAP Assessment, identifying areas that needed alignment with the regulation’s requirements. This assessment provided a foundation for collaborative planning and implementation.

Key Contributions:

1. Project Management: HiQ supported the customer in managing the overall compliance project, ensuring timely progress across all areas.
2. Risk and Incident Management Controls: HiQ developed and implemented frameworks for managing risks, handling incidents, and improving reporting processes.
3. Third-Party Risk Management: Established robust controls for evaluating and managing ICT suppliers in accordance with DORA requirements.
4. Training and Awareness: Conducted training sessions for board members and employees to ensure organization-wide understanding of DORA and its implications.

By leveraging a dedicated Governance, Risk, and Compliance (GRC) expert, HiQ ensured the customer could meet regulatory requirements without disrupting their core operations.

Results: A Stronger Security Posture

HiQ’s partnership has delivered measurable results:

• DORA Readiness: The customer is now well-prepared to meet DORA requirements ahead of the 2025 deadline.
• Improved Resilience: Enhanced risk and incident management frameworks have strengthened the customer’s operational resilience.
• Organizational Alignment: Training and stakeholder engagement have ensured that compliance is integrated into the organization’s culture and practices.

This collaboration has not only positioned the customer for compliance but also enhanced their ability to address future security and operational challenges.

HiQ’s Role: Driving Compliance and Resilience

HiQ’s role extended beyond technical implementation, providing strategic guidance and practical support to ensure long-term success. Contributions included:

Ongoing Support: Ensuring continuous improvement in digital operational resilience and security posture.

Comprehensive Assessments: Identifying gaps and prioritizing actions for compliance.

Collaborative Implementation: Working closely with the customer to align processes and frameworks with regulatory requirements.

HiQ’s Edge: Expertise in GRC Solutions

HiQ’s strength lies in its growing team of GRC experts, who combine deep technical knowledge with a practical understanding of regulatory frameworks. By delivering tailored solutions for complex challenges like DORA compliance, HiQ ensures its partners are well-equipped to protect assets, meet regulatory requirements, and drive operational excellence.