Michael Calleja | Senior Compliance Services Executive
As financial entities grapple with the complexities of DORA, a robust solution is required to navigate its stringent demands. Enter Resolver by Aspida, a multi-jurisdictional Governance, Risk, and Compliance (GRC) software solution, designed to transform how organisations manage risk, compliance, and governance.
Harmonizing with DORA’s Core Requirements
Resolver’s cutting-edge capabilities align seamlessly with DORA’s objectives, ensuring financial institutions not only comply but excel in operational resilience. By enabling risk managers to consolidate their risk landscape onto a single platform, Resolver by Aspida offers a unified view that is pivotal for meeting DORA’s ICT Risk Management Framework pillar. This integrated approach allows for a cohesive risk management process, essential for addressing the systemic resilience that DORA mandates.
From Incident Reporting to Proactive Risk Management
DORA emphasizes the importance of ICT incident reporting and the management of third-party risks. Resolver’s incident management functionality is an end-to-end solution that aligns with these requirements, facilitating the management of the entire incident lifecycle. The software’s risk management module complements this by enhancing engagement with the first line of defense, crucial for operationalizing DORA’s incident reporting and third-party risk management pillars.
Compliance Management: Navigating Regulatory Landscapes with Ease
Resolver’s compliance management module is a testament to its alignment with DORA’s ethos of continuous compliance and resilience. The tool’s automation capabilities in identifying regulatory changes ensure that financial institutions remain ahead of the curve, mirroring DORA’s call for uniform requirements and promoting a proactive compliance culture.
The Strategic Edge of Internal Audit and Vendor Risk Modules
Resolver’s internal audit and vendor risk modules provide a strategic edge. The Internal Audit Management App is in sync with DORA’s call for a security by design approach, allowing for risk-based audits that inform about key risks and controls. Similarly, the Vendor Risk Management app addresses the act’s challenges in third-party management by automating assessments and standardizing the evaluation process.
Third-Party Risk Management
Addressing the major challenge of third-party risk management, DORA imposes on financial entities an obligation to maintain rigorous ICT third-party risk strategies, including a detailed register of information on all contractual arrangements. These arrangements must adhere to a set of core principles that demand full compliance with financial laws, proportionality in risk management, and mandatory provisions for critical ICT services.
Resolver by Aspida can significantly streamline this complex process for clients and practitioners. It automates the assessment of third-party vendors, standardizes evaluations, and incorporates rigorous third-party diligence standards, aligning with DORA’s stringent requirements. Resolver’s vendor risk management module ensures that the mandatory provisions for third-party arrangements are consistently met, offering a robust framework for managing vendor risks, and facilitates the reporting and documentation processes demanded by DORA. This not only aids in compliance but also in strategic decision-making regarding third-party engagements.
Conclusion: A Resolute Answer to DORA’s Call
Resolver by Aspida emerges as a strategic partner for practitioners aiming to navigate the DORA landscape. Its comprehensive suite of tools not only addresses the intricacies of DORA compliance but also empowers organisations to turn compliance into a competitive advantage. With Resolver, financial institutions can confidently face DORA’s challenges, knowing they have a solution that is designed for resilience and poised for excellence.
10 key facts/points on how Resolver can facilitate compliance with DORA:
- Automated Regulatory Change Management: Resolver monitors regulations and notifies compliance teams of changes, directly aligning with DORA’s requirements for continuous adaptation to the regulatory environment.
- Prioritization of High-Risk Regulations: The software allows for quantification and visualization of compliance regulations and their associated risks, essential for DORA’s risk management framework.
- Reduction of Compliance Fatigue: Resolver integrates GRC processes, reducing repetitive information requests and aligning with DORA’s call for efficient incident reporting and risk management documentation.
- Visualization of Regulatory Compliance: The platform’s advanced BI (Business Intelligence) and data visualizations support DORA’s emphasis on clear reporting structures and the need for financial entities to provide detailed regulatory reports.
- Proving Compliance to Regulators: Resolver’s regulatory compliance software enables the creation of regulator-centric reports, essential for meeting DORA’s requirement for detailed mitigation, measurement, and enforcement activities documentation.
- Comprehensive Integration: Resolver supports various regulatory standards, which may facilitate DORA’s cross-jurisdictional applicability and ensure that financial entities can comply with a broad spectrum of requirements.
- Process Automation: Streamlines the compliance processes, a core component of managing the ICT risk framework mandated by DORA.
- Data Warehousing: Centralizes data, which can aid in the maintenance of the information register required by DORA.
- Workflow Automation: Enhances the management of ICT third-party risk by automating and standardizing the assessment process, in line with DORA’s stipulations.
- Analytics and Automated Reporting: Offers capabilities for monitoring, auditing, and reporting, key to fulfilling DORA’s digital operational resilience testing and business contingency planning requirements.
How can Aspida assist?
Aspida can help you achieve compliance with DORA through the performance of the following activities:
- Aspida can assess your current readiness and propose measures to meet the regulatory requirements while customising the remediation plan to your specific environment;
- Aspida can draft or review your current policies and procedures to ensure alignment with DORA;
- Aspida can help you to stay on top of the regulatory agenda with its regulatory watch service and keep you up to date on the evolution of DORA and its related regulatory and implementing technical standards.
In addition to our technical and methodological expertise, we also offer know-how for the implementation of tools such as Resolver by Aspida. We support our clients in the implementation of our GRC tool to efficiently manage and control risks and controls.
Get in touch with our experts by contacting us on email@example.com.