Manage ICT third- and fourth-party risks at scale and drive compliance efficiency
May 22, 2024
OneTrust, the market-defining leader for trust intelligence, today announced the expansion of OneTrust solutions to help organizations drive operational resilience and risk management across their extended enterprise, as well as comply with regulations like the European Union’s (EU) Digital Operational Resilience Act (DORA).
Through DORA, the EU seeks to strengthen the IT security of financial entities. The legislation affects not only banks, insurance companies, and investment firms in the EU, but also critical information and communications technology (ICT) vendors that contract with these financial entities. DORA joins several other regulations, including NIS2, FCA, and LkSG, which aim to strengthen operational resilience. The Act’s inclusion of ICT third-party risk as part of the overall risk management framework is a transformative requirement for many financial entities and the organizations they conduct business with, making them newly accountable for all downstream risk across third, fourth, and ultimately nth parties.
“Lack of visibility across third and fourth parties is an all-too-common challenge that makes it difficult to manage risk effectively and drive operational resilience,” said Matthew Moog, General Manager, Third-Party Risk at OneTrust. “OneTrust offers our customers a data-driven risk-based approach, visibility into their extended enterprise, and robust capabilities to manage ICT risk and third parties proactively, and at scale. With these solutions, they can strengthen operational resilience and support compliance obligations for DORA and beyond.”
How OneTrust helps organizations with DORA today
OneTrust provides a comprehensive platform that can help organizations achieve resilience in the financial sector and operationalize DORA compliance – most notably for requirements under ICT third-party risk management and ICT risk management.
Expanding OneTrust Third-Party Management to further help meet regulations like DORA
To further help organizations strengthen their digital supply chain and enhance ICT resilience, OneTrust is delivering several new OneTrust Third-Party Management capabilities to more efficiently manage third-party risk, including:
Today, OneTrust Third-Party Management helps organizations understand their fourth-party security risk posture, apply automated due diligence screening of fourth parties, and assess subprocessors through assessments. Along with these capabilities, OneTrust continues to expand its offerings that strengthen operational resilience, particularly around fourth and nth parties. OneTrust will soon introduce several advanced fourth-party management capabilities, including the ability to automatically identify, link, and assess fourth and nth parties to efficiently monitor concentration risk and demonstrate proportionality.
Next steps
About OneTrust
OneTrust unlocks the full potential of data and AI, securely and responsibly. Our platform enforces the secure handling of company data, empowering organizations to drive innovation responsibly while mitigating risks. With a comprehensive suite of solutions spanning data and AI security, privacy, governance, risk, ethics, and compliance, OneTrust enables seamless collaboration between data teams and risk teams to enable rapid and trusted innovation. Recognized as the market leader in trust, OneTrust boasts over 300 patents and serves more than 14,000 customers globally, ranging from industry giants to small businesses. For more information, visit www.onetrust.com.
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