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Ensuring Third-Party Resilience to Meet DORA Requirements

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Identify Third-Party Dependencies

Understanding the intricate web of third-party dependencies is the first step towards ensuring operational resilience. Have you considered which vendors are mission-critical? This task is all about uncovering these dependencies and comprehending their impact on your services. It requires sharp insight and robust data analysis tools.

Potential challenges include incomplete data and unclear categorization. Yet, with the right documentation and thorough investigation, these hurdles can be overcome. The outcome: a clear map of who you rely on, laying the foundation for an in-depth risk assessment.

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    1. High
  • 2
    2. Medium-High
  • 3
    3. Medium
  • 4
    4. Low
  • 5
    5. None
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    1. Review contracts
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    2. Analyze service impact
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    3. Check financial stability
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    4. Understand regulatory requirements
  • 5
    5. Evaluate historical performance

Assess Third-Party Risk Levels

What would happen if a key supplier failed to deliver on time? It’s crucial to rate and assess the risk levels posed by each third-party. This task addresses that by applying standardized criteria and risk matrices. You’ll be synthesizing reports and conducting interviews to evaluate each risk factor.

Challenges might arise from changing risk profiles, but regular updates can mitigate this. Aim for detailed, accurate risk assessments to guide your next steps.

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    1. Cybersecurity
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    2. Financial Stability
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    3. Regulatory Compliance
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    4. Operational Performance
  • 5
    5. Data Management

Develop Resilience Criteria

Building resilience starts with defining what resilience looks like for each partner. This is your chance to establish the criteria that partners should meet—criteria that safeguard your operations against disruptions. You’ll craft policies that licensors and service providers must adhere to.

A challenge could be conflicting interests, but with negotiation and stakeholder involvement, harmony is reachable. The goal is a set of resilience criteria that form strong defense lines against operational hiccups.

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    1. Research industry standards
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    2. Draft initial criteria
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    3. Seek input from stakeholders
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    4. Refine criteria
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    5. Finalize and document
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    1. Critical
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    2. High
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    3. Moderate
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    4. Low
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    5. Optional

Establish Monitoring Framework

Implement Risk Mitigation Strategies

Integrate DORA Compliance Requirements

Conduct Resilience Testing

Evaluate Test Outcomes

Approval: Test Results

Will be submitted for approval:
  • Conduct Resilience Testing
    Will be submitted
  • Evaluate Test Outcomes
    Will be submitted

Review Vendor Performance

Approval: Vendor Performance

Will be submitted for approval:
  • Review Vendor Performance
    Will be submitted

Update Risk Mitigation Plans

Continuous Monitoring and Improvement

Document Compliance Procedures

The post Ensuring Third-Party Resilience to Meet DORA Requirements first appeared on Process Street.


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