An operational function whose disruption would materially impair a financial entity's financial performance, operational continuity, regulatory compliance, or core business operations.
Defined in / by
Last updated: 22 August 2026.
Glossary termPublished inDORA
Critical or important function
Also known as Critical, important function
What does "Critical or important function" mean under DORA?
Regulations
Digital Operational Resilience Act (DORA)
DORA is Regulation (EU) 2022/2554. It has applied since 17 January 2025 to 20 categories of licensed financial entity, from banks to crypto-asset service providers. It requires an ICT risk management framework, major incident reporting within 4 hours of classification, an annual register of ICT contracts, and threat-led penetration testing every three years.
NextNext register of information cycle, reference date expected 31 December 2026Checked