Strengthen Digital Resilience: Navigating DORA Regulation Compliance
With the Digital Operational Resilience Act (DORA) set to take effect in January 2025, financial entities and their critical third-party providers are preparing to meet new cybersecurity and digital resilience standards. As DORA aims to safeguard the EU financial sector against digital threats, procurement and finance teams find themselves in the spotlight, with a mandate to ensure operational stability and compliance.
Our checklist contains all the important information about the DORA regulation: Who does it affect and what exactly will change? Download now and get the latest information!
Strengthen Digital Resilience: Navigating DORA Regulation Compliance
With the Digital Operational Resilience Act (DORA) set to take effect in January 2025, financial entities and their critical third-party providers are preparing to meet new cybersecurity and digital resilience standards. As DORA aims to safeguard the EU financial sector against digital threats, procurement and finance teams find themselves in the spotlight, with a mandate to ensure operational stability and compliance.
The act covers several areas, including risk management, incident reporting, third-party monitoring, and resilience testing. By standardizing these practices, the DORA regulation aim to create a secure, resilient digital environment across the financial industry, reducing the risks associated with cyber threats and ensuring smooth operations.
Third-party risk management, incident reporting, and compliance
For those who need to maintain secure, efficient relationships with vendors and partners, Onventis offers a streamlined approach to DORA compliance.
1. Integrated Third-Party Risk Management with DORA Regulation
When it comes to operational resilience, the spotlight isn’t only on your organization — it’s also on your suppliers. DORA mandates heightened oversight of third-party vendors, especially those providing critical IT or data-related services.
With Onventis, you can keep tabs on supplier risk and compliance directly in the platform. Through built-in integrations with tools like EcoVadis and IntegrityNext, procurement teams can access real-time risk insights to ensure each vendor meets high standards in cybersecurity, operational resilience, and sustainability. This proactive approach to third-party risk management aligns seamlessly with DORA’s objectives, giving you confidence in your supplier network.
2. Streamlined Incident Reporting and Compliance Tracking
DORA regulation requires organizations to report significant cybersecurity incidents promptly. That’s a big shift for many teams, but Onventis simplifies incident management.
Our platform enables you to set up workflows that align with DORA’s reporting requirements, so you can capture and escalate incidents quickly. Onventis lets procurement and finance teams keep compliance tracking streamlined and transparent whether it’s an internal issue or a vendor-related event.
3. GDPR-Compliant Data Security
Data protection is central to DORA, and Onventis has you covered with secure, GDPR-compliant data handling. Our cloud-based procurement platform is designed with robust security measures and EU-based data storage to help you meet DORA’s standards confidently. By ensuring that your data management aligns with the highest security practices, Onventis supports your team in maintaining operational resilience.
4. Enhanced Contract Management for Resilience with DORA Regulation
Keeping track of resilience commitments across vendors can be a challenge, especially with new regulatory standards. With Onventis, it’s easy to include compliance and resilience clauses directly in supplier contracts. Our contract management features enable you to document vendor obligations related to DORA, from cybersecurity standards to incident response procedures.
By keeping compliance and resilience standards embedded in supplier agreements, Onventis helps you manage risk proactively, making DORA compliance a core part of your vendor relationships.
5. Real-Time Supplier Collaboration
DORA regulation prioritizes resilience across the financial sector’s entire ecosystem, including suppliers. Through the Onventis Network, procurement teams can stay connected with their suppliers securely and collaboratively. This real-time communication fosters a transparent, efficient supplier relationship, letting you identify and address potential risks proactively.
With the Onventis Network, you’re not only improving supplier collaboration — you’re also building resilience into every interaction. And in the fast-paced digital world, that’s a big win.
Future-Ready Compliance, Simplified
DORA is bringing a new level of operational resilience to the EU financial sector, and finance and procurement teams play a vital role in that transformation. With Onventis, DORA compliance doesn’t have to mean more complexity. Our platform simplifies third-party risk management, incident reporting, data security, and vendor collaboration, helping you strengthen your organization’s digital resilience without the added stress.
Want to learn more? Reach out to discover how Onventis can support your team in preparing for DORA regulation compliance, and let’s make compliance easier, together.
