Under DORA, financial institutions must demonstrate robust controls around third-party risk management. While the law focuses on contractual controls, there is much more to TPRM than just having the proper clauses in place with strategic ICT vendors.
To get grips on risks associated with third-party vendors, financial institutions would need to look beyond what is put on paper and check whether their ICT suppliers continue to be able and willing to meet their contractual obligations. In other words, processes for ongoing management of a third-party risk management program are needed to do TPRM properly, which includes continuous monitoring.
This whitepaper explores how financial institutions can leverage technology for continuous vendor risk monitoring. More specifically, it explores using adverse media signals as early indicators for ICT-vendor risk.
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