Manage ICT third- and fourth-party risks at scale and drive compliance efficiency

OneTrust announces the expansion of its solutions to assist organizations in achieving operational resilience and compliance with regulations such as the EU's Digital Operational Resilience Act (DORA). DORA aims to enhance IT security within financial entities, including banks, insurance companies, and investment firms, as well as critical ICT vendors.

1. Third-Party Risk Management:

   • OneTrust Third-Party Management enables organizations to centralize the management of third-party and supply chain risks, driving risk-informed contracting workflows and continuous monitoring.
   • New capabilities include AI-driven assessment auto complete, engagements and contracts reporting, and hack notice breach alerts for enhanced risk assessment and monitoring.

2. IT and Security Risk Management:

   • OneTrust IT and Security Risk Management allows organizations to inventory and connect entire IT ecosystems, identify, measure, and monitor risk, and streamline compliance efforts.

3. Compliance Automation:

   • Compliance Automation streamlines ICT control implementations and oversight, offering out-of-the-box DORA framework with pre-mapped policies, controls, and evidence tasks.

4. Audit Management:

   • OneTrust Audit Management supports audit readiness by centralizing controls and workpapers, facilitating evidence collection, and testing controls across systems.

5. Real-Time Regulatory Insights:

   • OneTrust DataGuidance provides real-time insights across hundreds of regulations and frameworks, enabling organizations to stay informed and compliant.

Enhanced Third-Party Management Capabilities:

• AI Driven Assessment Auto Complete: Accelerates assessment completion by utilizing AI to parse through SOC 2 reports, evidence, and documentation.
• Engagements and Contracts Reporting: Enhances risk assessment by providing visibility into key risk and performance metrics through customizable reporting and visualizations.
• Hack Notice Breach Alerts: Offers early detection of critical ICT incidents and third-party breaches through custom alerts.

Future Developments:

• OneTrust plans to introduce advanced fourth-party management capabilities, enabling organizations to efficiently monitor concentration risk and demonstrate proportionality.

OneTrust's expanded solutions empower organizations to strengthen operational resilience, comply with regulations like DORA, and effectively manage third-party risk, IT security risk, compliance obligations, and regulatory requirements.