Luminor Bank's journey to DORA Compliance with ServiceNow ITSM
Case Study:
Luminor Bank, a leading financial institution in Europe, embarked on a strategic initiative to align its IT infrastructure with the Digital Operational Resilience Act (DORA). To meet these regulatory standards, Luminor partnered with Xcession to leverage ServiceNow IT Service Management (ITSM) as the backbone of its compliance efforts. This case study outlines Luminor’s journey, the ServiceNow implementation process, and the critical benefits realised through the MVP2 (Minimum Viable Product 2) engagement.
Challenges
DORA compliance requires financial institutions to have robust incident, problem, change, and availability management frameworks. Luminor faced challenges in enhancing its IT resilience to comply with DORA's stringent requirements, particularly in maintaining regulatory consistency, managing risks, and ensuring operational transparency. ServiceNow’s ITSM platform presented an ideal solution, providing the necessary modules and functionalities to support these regulatory demands effectively.
Solution
The engagement, led by Xcession, focused on integrating DORA compliance requirements within ServiceNow's Incident, Problem, Change, and Availability Management modules. This process involved several key steps:
- Incident Management was enhanced to include second-level handling categories, improving prioritisation and response times.
- Problem Management incorporated approval processes for the Root Cause Analysis stage, automated task completion checks, and additional categorisation options.
- Change Management saw improvements in approval workflows, service offerings, and model enhancements.
- Availability Management was strengthened with robust DORA-specific reporting capabilities, allowing Luminor to manage service outages and commitment breaches effectively.
Xcession deployed rigorous project governance and testing processes to ensure the platform's alignment with Luminor’s regulatory requirements. This included developing and deploying the solution across different environments (DEV, TEST, and Production) and conducting unit and system tests to validate functionality.
Comprehensive documentation, including Solution Design Descriptions, Standard Operating Procedures, and user support materials, was developed to facilitate the transition of new functionalities. These resources empowered Luminor’s operations team to manage the ServiceNow functionalities independently post-implementation.
Custom DORA reporting features were integrated, providing insights into geographical service impacts by country and regulatory scope. These enhancements enable Luminor to track compliance metrics in real time and facilitate efficient reporting to regulatory bodies.
Results
With the ServiceNow ITSM enhancements, Luminor successfully addressed DORA compliance requirements, achieving several critical benefits:
The strengthened Incident, Problem, Change, and Availability Management modules reduced incident resolution times and streamlined problem-solving, directly supporting operational continuity.
The platform’s automated processes improved Luminor’s ability to respond to incidents, track issues, and maintain a reliable audit trail, reinforcing accountability and transparency.
Custom DORA-specific functionalities simplified compliance reporting and helped Luminor meet DORA standards efficiently, positioning the bank as a resilient and trustworthy financial institution.
Conclusion
Luminor Bank’s partnership with Xcession to deploy ServiceNow ITSM reflects a proactive approach to meeting DORA’s regulatory requirements. The bank has not only ensured compliance but also improved its operational resilience and efficiency. This case study demonstrates the power of ServiceNow ITSM in helping financial institutions like Luminor Bank achieve and maintain regulatory compliance in an evolving landscape.
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