BOSTON--(BUSINESS WIRE)--ProcessUnity, the leading provider of third-party risk management software and data solutions, today announced the launch of its turnkey Digital Operational Resilience Act (DORA) solution for entities regulated in the European Union (EU) and their business partners. The software platform is the most comprehensive solution for DORA, providing an accelerated, one-click path to the creation of the “Register of Information” alongside third-party risk management best practices. It enables organisations to establish a risk management framework, enhance oversight of third-party relationships, and strengthen operational resilience.
DORA applies to financial services firms operating in Europe and their Information and Communications Technology (ICT) service providers, such as FinTech providers, helpdesk providers, consulting partners, telecom carriers, networking systems, and cloud providers. These institutions face mounting pressure to modernise their third-party risk management programs before the DORA enforceable deadline of January 2025. ProcessUnity’s DORA solution provides a standardised, repeatable third-party risk management program with pre-built workflows for identifying “Critical or Important Function (CIF)” third parties and capturing necessary data. The structured Register of Information, as defined by regulatory technical standards, can be produced with a single click, ensuring seamless tracking, reporting, and exporting of required information whilst facilitating compliance and enhancing ICT security. Additionally, the DORA solution integrates with ProcessUnity’s Global Risk Exchange to identify weak third-party cybersecurity controls, further bolstering cyber risk oversight.
“In many cases, a DORA-regulated entity has an army of one or two scrambling to organise their supplier risk management efforts before the enforceable deadline,“ explains Joel Brandon, Managing Director, EMEA at ProcessUnity. “With ProcessUnity, these businesses gain a straightforward path to compliance while implementing mature risk management practices across the organisation, ultimately protecting the business against potential loss from third-party supplier failure.”
ProcessUnity’s DORA solution simplifies the process of maturing a third-party risk program to regulatory standards. By design, it ensures compliance while strengthening the business’ defenses against potential losses from supplier failure. The solution adheres to the following core DORA components:
- ICT Supply Chain Management: Catalogues, tracks, and assesses all suppliers within the platform; Uses pre-built workflows to streamline onboarding, ongoing monitoring, offboarding, and reporting.
- Register of Information Reporting: Collects, prepares and presents information required by regulators in the preferred spreadsheet format, dramatically reducing the manual effort of populating the spreadsheet for review.
- IT Risk Management and Governance: Provides an interconnected cyber risk management framework with DORA regulatory content.
- Incident Reporting: Tracks and categorises ICT-related incidents, allowing users to rapidly investigate and respond to incidents via an incident management module.
- Audit Access: Provides access and reporting on user-defined information for read-only access to external stakeholders; Generates and exports reports on-demand.
- Retrospective Analysis: Includes workflows and reporting to thoroughly review and revise internal incidents; Easily integrates with external threat intelligence providers.
Good risk management isn’t just a DORA requirement – it’s good for business. Achieving a DORA-ready program with ProcessUnity, rather than with disparate spreadsheets, will create a modern supplier risk management program that protects the business against the next major supplier incident. Learn more about the ProcessUnity DORA Solution by downloading our whitepaper or visiting: https://www.processunity.com/digital-operational-resilience-act-dora/
For more information about ProcessUnity, or to request a demo, please visit: https://www.processunity.com/
About ProcessUnity
ProcessUnity is a leading provider of cloud-based applications for third-party risk and cybersecurity performance management. The ProcessUnity platform unifies how organizations assess, measure, and mitigate risk through automation. Built by a team of risk experts and implemented within the world’s leading enterprises, ProcessUnity solutions align programs and people to create a well-rounded defense against critical business risks. Headquartered outside of Boston, Massachusetts, ProcessUnity has earned recognition from leading analyst firms, customers and partners. For more information, visit http://www.processunity.com/.
