Ensuring DORA Compliance with Supply Wisdom
The Digital Operational Resilience Act (DORA) sets rigorous standards for financial institutions to ensure they can withstand, respond to, and recover from all types of Information and Communication Technology (ICT) risks. Supply Wisdom plays a crucial role in helping businesses meet these standards by providing continuous monitoring, timely insights, and proactive risk management tools.
What We Do: Supply Wisdom continuously monitors and assesses the risk profiles of third-party service providers. This includes evaluating their performance, identifying vulnerabilities, and tracking any issues that could impact their service quality or security.
Why It Matters for DORA: Under DORA, financial entities must maintain a robust framework for managing third-party ICT risks. Supply Wisdom provides real-time insights into the risk landscape of your third-party ecosystem, helping you meet these stringent requirements.
Swift Reporting of Major ICT-Related Incidents
Quick Detection: Supply Wisdom's real-time alerts notify you immediately when potential ICT-related incidents are detected. This rapid notification is essential for complying with DORA's requirements for timely incident reporting.
Accurate Assessment: Our Risk Scorecards provide a structured evaluation of incident severity, enabling a clear understanding of the threat and the necessary response.
Prompt Reporting: With our comprehensive Dashboards, financial entities can swiftly compile and submit detailed and structured incident reports to regulatory bodies, aligning with DORA's reporting requirements.
Scenario Planning for Operational Resilience Testing
Data-Driven Resilience Testing: Supply Wisdom's analytics offer valuable insights into potential risk trends and patterns, allowing you to develop advanced, data-driven testing scenarios.
For example, if we detect a rise in ESG risks within a particular sector, these can be incorporated into your resilience testing to evaluate preparedness.
Addressing Concentration Risk in Line with DORA Requirements
Service Concentration View: While Supply Wisdom does not provide a direct 'Service Concentration' view, we support your Governance, Risk Management, and Compliance (GRC) platform by feeding critical data that enhances your understanding of service concentration risks.
Business Impact Analysis (BIA): Post mapping of third-party relationships, a comprehensive BIA assesses the criticality of each relationship. Supply Wisdom’s continuous monitoring data is crucial in defining the 'Probability' of disruptions, automating risk management, and demonstrating ROI.
Geographic Concentration Risk: Beyond service-level risks, we focus on geographic concentration risk, ensuring that supplier resilience is maintained even during regional disruptions.
Enhancing Digital Operational Resilience
Incident Classification and Prioritization: Our Alerts system helps classify and prioritize incidents based on their impact, ensuring that the most critical issues are addressed first, as per DORA’s guidelines.
Comprehensive Documentation: Supply Wisdom's tools support the collection and organization of evidence and documentation required for DORA-compliant reporting, ensuring thorough and evidence-backed incident management.
Ongoing Compliance: Supply Wisdom's Dashboards ensure that financial entities can continuously monitor and update the status of ICT-related incidents, meeting DORA’s requirements for ongoing assessment.
