Designing a Model for Testing the Effectiveness of a Regulation: The Case of DORA for Insurance Undertakings

Technology is sometimes seen as a disruption that although provides opportunities for growth and development, also provides opportunities for deception, theft, and fraud. On the other hand, automation can make it easier to identify and protect from threats. Hence, a proposal was made by the European...

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Autores principales:	Simon Grima, Pierpaolo Marano
Formato:	article
Lenguaje:	EN
Publicado:	MDPI AG 2021
Materias:	effective regulation DORA insurance market technology risk management Insurance HG8011-9999
Acceso en línea:	https://doaj.org/article/b35cb344d201411a87fe3bcc7abb0e78
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spelling	oai:doaj.org-article:b35cb344d201411a87fe3bcc7abb0e782021-11-25T18:56:13ZDesigning a Model for Testing the Effectiveness of a Regulation: The Case of DORA for Insurance Undertakings10.3390/risks91102062227-9091https://doaj.org/article/b35cb344d201411a87fe3bcc7abb0e782021-11-01T00:00:00Zhttps://www.mdpi.com/2227-9091/9/11/206https://doaj.org/toc/2227-9091Technology is sometimes seen as a disruption that although provides opportunities for growth and development, also provides opportunities for deception, theft, and fraud. On the other hand, automation can make it easier to identify and protect from threats. Hence, a proposal was made by the European Commission to enact a digital operations resilience act. Therefore, our objective in this paper is to lay out the perceived characteristics of effective regulation by using DORA as our case study. We do this by carrying out a literature review and extracting using the thematic analysis approach propositions for these characteristics. Then, we test these using exploratory factor analysis and design a model for perceived effective regulation (PERM). We test the reliability and validity of this model by using the Cronbach alpha. Results show that according to our model, an effective regulation should have four characteristics, specifically “Flexibility and Integration”, “Proportionality and Cost”, “Reliability and Transparency”, and “Relevance and Timeliness”. Findings laid out in this paper and PERM can be used to test other proposed regulations to ensure that they are effective before being enacted and also to determine when there is a need for a revamp in specified areas of current regulations and requirements.Simon GrimaPierpaolo MaranoMDPI AGarticleeffective regulationDORAinsurance markettechnologyrisk managementInsuranceHG8011-9999ENRisks, Vol 9, Iss 206, p 206 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	effective regulation DORA insurance market technology risk management Insurance HG8011-9999
spellingShingle	effective regulation DORA insurance market technology risk management Insurance HG8011-9999 Simon Grima Pierpaolo Marano Designing a Model for Testing the Effectiveness of a Regulation: The Case of DORA for Insurance Undertakings
description	Technology is sometimes seen as a disruption that although provides opportunities for growth and development, also provides opportunities for deception, theft, and fraud. On the other hand, automation can make it easier to identify and protect from threats. Hence, a proposal was made by the European Commission to enact a digital operations resilience act. Therefore, our objective in this paper is to lay out the perceived characteristics of effective regulation by using DORA as our case study. We do this by carrying out a literature review and extracting using the thematic analysis approach propositions for these characteristics. Then, we test these using exploratory factor analysis and design a model for perceived effective regulation (PERM). We test the reliability and validity of this model by using the Cronbach alpha. Results show that according to our model, an effective regulation should have four characteristics, specifically “Flexibility and Integration”, “Proportionality and Cost”, “Reliability and Transparency”, and “Relevance and Timeliness”. Findings laid out in this paper and PERM can be used to test other proposed regulations to ensure that they are effective before being enacted and also to determine when there is a need for a revamp in specified areas of current regulations and requirements.
format	article
author	Simon Grima Pierpaolo Marano
author_facet	Simon Grima Pierpaolo Marano
author_sort	Simon Grima
title	Designing a Model for Testing the Effectiveness of a Regulation: The Case of DORA for Insurance Undertakings
title_short	Designing a Model for Testing the Effectiveness of a Regulation: The Case of DORA for Insurance Undertakings
title_full	Designing a Model for Testing the Effectiveness of a Regulation: The Case of DORA for Insurance Undertakings
title_fullStr	Designing a Model for Testing the Effectiveness of a Regulation: The Case of DORA for Insurance Undertakings
title_full_unstemmed	Designing a Model for Testing the Effectiveness of a Regulation: The Case of DORA for Insurance Undertakings
title_sort	designing a model for testing the effectiveness of a regulation: the case of dora for insurance undertakings
publisher	MDPI AG
publishDate	2021
url	https://doaj.org/article/b35cb344d201411a87fe3bcc7abb0e78
work_keys_str_mv	AT simongrima designingamodelfortestingtheeffectivenessofaregulationthecaseofdoraforinsuranceundertakings AT pierpaolomarano designingamodelfortestingtheeffectivenessofaregulationthecaseofdoraforinsuranceundertakings
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Designing a Model for Testing the Effectiveness of a Regulation: The Case of DORA for Insurance Undertakings

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