The Digital Operational Resilience Act (DORA) is a new EU regulation that takes effect in January 2025. DORA is designed to bolster the cybersecurity and operational resilience of financial institutions. It applies to banks, insurers, payment providers, and critical third-party vendors like cloud services. DORA focuses on five key areas: Information and Communication Technology (ICT) risk management, incident reporting, business resilience, third-party risk management, and information sharing. Financial firms must adopt robust frameworks to mitigate ICT risks, report incidents promptly, and monitor vendors to prevent service disruptions.

DORA and Third-Party Risk Management

A major component of DORA involves maintaining a detailed inventory of third-party providers and continuously monitoring their compliance with operational resilience standards. Organizations must also perform periodic assessments and be ready to submit incident reports to regulators in case of disruptions.

How Whistic Can Help

Whistic’s platform simplifies vendor risk management and helps organizations align with DORA. It allows financial institutions to build and maintain a comprehensive supplier inventory, streamline risk assessments with customizable templates, and continuously monitor vendor compliance.

Additionally, Whistic centralizes vendor data, making it easier to generate reports for incident submissions and adapt to evolving regulatory requirements, giving firms the flexibility to stay ahead of DORA’s demands. Whistic users can self-attest to the DORA by responding to the questionnaire found in the Whistic platform and then sharing it with customers and vendors by adding it to a Whistic Profile or adding it to the Whistic Trust Catalog.

Demonstrate Compliance Fast in an AI-Powered Trust Center

Whistic’s all-in-one third-party risk management platform isn’t just for assessing vendors—it’s perfect for demonstrating compliance and leading with trust for your customers. Industry-leading AI capabilities automate the customer trust process making it easy to respond to meet every regulatory requirement and respond to every customer assessment request with:

Free access to an ever-growing library of 40+ standards and frameworks—including the latest questionnaire for DORA.
AI Smart Response to automate the questionnaire response process, so you can self-assess against common frameworks to share proactively with prospects in your Whistic Trust Center.
Automate responses to additional questionnaire requests using the approved documentation in your Whistic Knowledge Base—even for customized questionnaires.

And of course, Whistic’s suite of automated assessment tools in our Assessment Copilot suite can also automate your own VRM process. If you’re interested in accelerating your compliance and assessment processes, Whistic AI can help. Schedule a hassle-free demo with our team of experts, and we’ll show you how it works.