DORA
3 challenges
DORA
The Dora (Digital Operational Resilience Act) regulation aims to strengthen the IT security of financial entities such as banks, insurance companies and investment firms and making sure that the financial sector in Europe stays resilient in the event of a severe operational disruption. The 3rdRisk risk platform is tailored to help you master your ICT supply chain risks and comply with the DORA with efficiency and ease.
01.
Risks visibility
Maintaining a comprehensive understanding of the entire third-party landscape is crucial considering evolving threats and the requirements stated in the Digital Operational Resilience Act (DORA). Many organisations do not have full visibility on their third-party landscape
02.
Stakeholder involvement
Involving internal teams with risk management and internal control activities, such as risk profiling, control testing or assessment reviews, can be challenging due to a lack of understanding, inadequate communication, resistance to change or tool fatigue.
03.
Compliance workload
Attracting risk professionals can pose challenges and incur significant expenses. This is especially true as organisations grapple with challenges across various risk domains, striving to mitigate emerging risks and manage the rising number of compliance frameworks and requirements.
Our solution
An all-in-one risk platform, provided by 3rdRisk
Risk management
A single integrated risk register for all internal risk disciplines
Record both internal and external risks. Associate risks with specific third-party entities, internal controls, or locations within your organization. Follow the ISO 31000 best-practice workflow, including risk identification, assessment, treatment, and monitoring. Utilize the interactive risk matrix to conveniently filter various risk categories and assign scores.
Third-party management
All your required information centralised and connected
Create a unified register to manage all your third-party relationships. Document multiple contracts per third-party entity. Categorize your landscape by assigning risk profiles, considering various risk domains like cybersecurity, sustainability, and compliance. Integrate with your procurement system to gather and enhance supplier data.
Compliance management
An complete overview on all your internal and external compliance requirements
Establish a single, integrated registry for both internal and external compliance needs. Utilize it to oversee compliance requirements for security, sustainability, privacy, legal matters, quality assurance, and more. Define the scope and applicability for each compliance requirement and connect them to one or more assessment questionnaires. Monitor compliance in real-time.
Assessment management
Third-party self-assessment activities automated
Merge various third-party assessment initiatives across all your risk and compliance areas. Consolidate questionnaires from diverse risk disciplines into a unified third-party assessment. Suppliers access a secure supplier portal to collaborate and submit evidence. Our AI-powered review module conducts an initial analysis.
Real-time monitoring
Receive immediate notifications regarding your third-parties and follow-up efficiently and effectively
Enable our pre-configured integrations with BitSight, SecurityScorecard, EcoVadis, Refinitiv, and various other platforms to gather security, sustainability, financial, or compliance risk ratings for your third-party entities, conveniently consolidated in one central overview. By this you are able to continuously monitor your third-parties in 2 million news sources and receive instant alerts on negative news articles. Read more.
Action plan management
Assign action plans to third-parties and and internal stakeholder track
Centralize remediation efforts for both internal teams and third-party entities in a unified repository for action plans. Allocate ownership using our platform and Microsoft Teams integration. Establish and modify timelines for each action item, with reminders sent through our platform, email, and Teams to ensure progress remains on schedule. Visual indicators provide status updates, facilitating easy oversight.
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Client Cases
Learn how client uses 3rdRisk to add value in their organisation.
Your return on investment
Thanks to automation, AI and smart workflows, 3rdRisk users save an average of 140 hours per 10 third-party assessments compared to traditional spreadsheet approaches. This quickly translates to a savings of 7 FTEs when more than 1000 assessments are sent out.
Design & Configure assessments
Response performance
Response rate
Review & assess assessment
Best-practices
In the Content Hub, we have best-practice content available for every industry and risk discipline, from sustainability and cybersecurity to continuity.
The SIG, short for “Standardized Information Gathering (Questionnaire)” is a third-party information security and privacy questionnaire.
Standardized Information Gathering (Questionnaire)
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