OneTrust has recently enhanced its solutions to bolster operational resilience and risk management for organizations, ensuring they meet the requirements of the European Union’s Digital Operational Resilience Act (DORA) and other regulations like NIS2, FCA, and LkSG. DORA is designed to fortify the IT security of financial institutions and their ICT vendors, impacting a broad range of entities within the EU financial sector. The act introduces a significant shift by incorporating ICT third-party risk into the broader risk management framework. This change means financial entities and their partners are now responsible for managing risk across their entire supply chain, including third, fourth, and even further tiers of suppliers.
OneTrust addresses the challenges of managing such extensive risk visibility. Their solutions provide a data-driven approach, enabling organizations to proactively manage ICT risks and third-party relationships, thus enhancing operational resilience and compliance with DORA. OneTrust offers a robust platform tailored for the financial sector, facilitating operational resilience and DORA compliance. Their tools focus on ICT third-party and risk management, ensuring organizations can meet these stringent requirements.
OneTrust’s Third-Party Management system centralizes the entire risk management lifecycle. This tool helps organizations identify, mitigate, monitor, and analyze risks associated with third-party and supply chain interactions. It ensures continuous monitoring and alerts ICT managers to potential weaknesses or data breaches. Their IT and Security Risk Management solutions inventory and connect IT ecosystems, enabling the identification, measurement, and monitoring of risks. This capability improves security posture and simplifies compliance processes. With Compliance Automation, OneTrust streamlines the implementation and oversight of ICT controls. It provides an out-of-the-box DORA framework that includes pre-mapped policies, controls, and tasks tailored to regulatory needs. OneTrust’s Audit Management feature centralizes controls and documentation, facilitating audit readiness. This tool simplifies evidence collection and control testing across systems, making audits less daunting. OneTrust DataGuidance offers a vast regulatory library with real-time insights on hundreds of regulations and frameworks. This resource is supported by a network of researchers, legal experts, and translators.
OneTrust has also introduced new features to further assist organizations in managing third-party risks and complying with DORA. An AI-driven assessment completion feature uses AI to expedite assessments of third-party ICT vendors by analyzing SOC 2 reports and other documents. Enhanced reporting and visualization tools help organizations assess risks related to contracts and engagements, offering deeper insights into key metrics. Custom alerts notify organizations of critical ICT incidents and breaches among third parties, including updates from SEC disclosures.
In conclusion, OneTrust’s expanded solutions provide organizations with the necessary tools to navigate the complexities of DORA and other regulatory requirements, ensuring robust risk management and operational resilience across their extended enterprise.