Third Party Risk Management system - DORA Requirements

‍Challenge

‍Adhering to the Digital Operational Resilience Act (DORA) requirements poses significant challenges for FinTechs, particularly in efficiently managing Third Party and Outsourcing risks through digitalization and automation.

Solution

• Integration with internal and external systems: seamless integration of the TPRM application with existing internal banking systems, enabling data flow and real-time updates across various departments for enhanced collaboration and decision-making.
• Comprehensive Third-Party Risk Management application: implementing an end-to-end application specifically tailored for Third Party Risk Management (TPRM) operations, ensuring comprehensive coverage and streamlined processes.
• Flexible self-service platform: deploying a fully customizable self-serviced application leveraging low-code/no-code technology, empowering business users to adapt and modify functionalities as per evolving regulatory requirements and internal policies.
• Automated onboarding: implementing automated onboarding processes for Third Parties, reducing manual intervention, improving efficiency, and ensuring compliance with regulatory standards.

Key Results

• Enhanced user experience: 
  
  • reduction in average processing time by 50% due to streamlined digital workflows.
  • 30% decrease in error rates attributed to improved UI design and process clarity.
• Auditable onboarding processes: 
  
  • achieve a compliance audit pass rate of 100% for Third Party onboarding procedures.
  • 75% increase in stakeholder confidence in the auditability and transparency of onboarding processes.
• Increased operational efficiency: 
  
  • 35% decrease in manual effort required for TPRM activities through automation.
  • Reduction in TPRM operational costs by 67% through process optimization and resource utilization.
• Mitigated risk exposure:
  
  • reduction in incidents related to Third Party and Outsourcing risks by 25% post-implementation.

Why Choose SLS?

The SLS platform automates corporate client monitoring to:  

• Provide real-time risk updates without manual intervention.  
• Improve customer experience by reducing redundant communication.  
• Minimize operational inefficiencies and enable better resource allocation.  

With SLS, corporate banks can achieve streamlined operations and superior customer service.

Questions Answered:

How can we streamline the monitoring of corporate clients for changes in risk ratings or compliance updates?  

• Answer: By using the SLS platform, which automates daily checks and identifies critical updates in risk ratings or regulatory databases.  

Can monitoring be automated without integrating it with our internal systems? 

• Answer: Yes, the SLS platform functions as a standalone system, eliminating the need for internal integration.