NoFrixion selects CalQRisk to boost DORA compliance efforts

By Gloria Methri

NoFrixion, the embedded banking company in Ireland, has partnered with CalQRisk to ensure compliance with the EU’s Digital Operational Resilience Act (DORA). This move reinforces NoFrixion’s commitment to operational resilience and regulatory alignment across the European digital financial landscape.

As financial services continue to digitise rapidly, the regulatory focus on operational resilience has increased significantly. DORA, which comes into effect in January 2025, is a ground-breaking EU regulation designed to ensure the stability and security of the financial sector’s IT systems, particularly in the face of escalating cyber threats and operational challenges.

After a thorough evaluation of potential partners, NoFrixion chose CalQRisk based on its extensive experience in managing operational risk, its track record of providing tailored compliance solutions, and its specific expertise in digital resilience for financial institutions.

CalQRisk’s platform integrates risk management with compliance workflows, meticulously managing all aspects of DORA—including risk mitigation, incident reporting, and third-party oversight. The solution also allows the Register of Information to be maintained and generated at the click of a button.

Feargal Brady, CEO of NoFrixion, said, “We chose CalQRisk because of their proven expertise in managing operational risk and compliance. Their platform provides the robust framework we need to meet DORA’s requirements with confidence, ensuring NoFrixion continues to deliver secure and resilient digital payment solutions while staying ahead of regulatory demands.”

CalQRisk delivers a range of risk management capabilities tailored to NoFrixion’s operational and regulatory needs. These capabilities include automated compliance monitoring, incident response planning, and detailed reporting mechanisms that will ensure full transparency and accountability. This alignment with DORA requirements will also support NoFrixion in managing third-party relationships, a key area of focus under the new legislation.

Speaking on the partnership, Chris Hanlon, CEO of CalQRisk, said, “We are delighted to work with NoFrixion, a multi-award winning company at the cutting edge of embedded finance, to support their DORA compliance. CalQRisk’s platform is designed to help organisations navigate the increasingly complex regulatory landscape with confidence. By automating risk management and ensuring continuous oversight, NoFrixion will be well-equipped to meet the evolving challenges of digital operational resilience.”