DORA's Register of Information: Top 5 tools to simplify and automate compliance

1. Introduction

The Digital Operational Resilience Act (DORA) has become a critical focus for organisations operating within the EU financial sector. It establishes an extensive set of requirements for operational resilience, pushing financials and their third parties to manage risks related to Information and Communication Technology (ICT) in a structured and transparent manner. To simplify compliance and automate the management of DORA’s extensive requirements, several vendors have developed specialised tools. In this article, we evaluate 5 leading platforms: 3rdRisk, Formalize, Panorays, OneTrust, and Excel. We will discuss their unique features, strengths, and weaknesses, highlighting why our 3rdRisk platform stands out as the top choice.

2. The 5 best tools for DORA's Register of Information

2.1 3rdRisk

3rdRisk offers a comprehensive platform that excels in simplifying DORA compliance. Designed with user-friendliness and operational efficiency in mind, it enables organisations to achieve resilience and regulatory alignment effortlessly. The platform comes with a best-practice for DORA compliance, helping organisations to implement all necessary controls and demonstrate compliance at all times. The platform's advanced third-party risk management capabilities, seamlessly integrated with its internal controls and compliance module, make it exceptionally well-suited for achieving DORA compliance.

Key advantages

• DORA compliant contract management: The platform contract module ensures all data is being collected and maintained for the Register of Information.
• Ease of implementation: 3rdRisk’s intuitive interface allows for quick deployment, significantly reducing time-to-value.
• One-click compliance demonstration: Generate an export of the Register of Information at the click of a button.
• Integrated solution: Combines third-party risk management, compliance monitoring, and internal control testing in a unified platform.
• Multidisciplinary: Manage all risk domains in one platform, including cybersecurity, sustainability, compliance and others.
• Custom branding: The platform can be fully tailored to reflect your organisation’s branding, enhancing user familiarity and trust.
• European expertise: As a European-based company, 3rdRisk possesses unmatched insights into EU regulations, offering tailored solutions that resonate with local legislation.
• Content hub: Access a rich repository of best-practice content, templates, and guidance designed to streamline DORA compliance efforts.

Why it’s number one

Unlike many competitors, 3rdRisk provides a holistic approach to risk and compliance management, integrating multiple aspects of operational resilience into a single, easily navigable tool. This eliminates the need for disparate systems, saving time and cost while ensuring compliance is achieved without complexity. Moreover, feedback from real users consistently highlights its practical effectiveness and ease of integration with existing processes.

2.2 Formalize

Formalize is a popular platform that focuses on regulatory compliance automation. While it offers robust features, it’s better suited for organisations with specific needs rather than a holistic approach to operational resilience.

Key advantages

• Regulation-Specific Templates: Offers predefined templates tailored for various regulatory frameworks, including DORA.
• Workflow Automation: Streamlines documentation and reporting processes, reducing manual effort.

Key disadvantages

• Point solution: Focuses mainly on regulatory compliance in relation to DORA and NIS-2, but is less suited for integrated risk and internal control testing.
• Limited customisation: The platform does not support extensive branding or customisation.
• Moderate user experience: Some users find the interface less intuitive compared to competitors like 3rdRisk.
• Less intuitive: The workflows are less intuitive compared to other available solutions.

2.3 Panorays

Panorays is a well-known name in the realm of risk management. Its strength lies in assessing vendor risk, making it a contender for organisations prioritising third-party resilience.

Key advantages

• Automated risk assessments: Evaluate vendor risks with minimal manual intervention.
• Continuous monitoring: Ensures that vendor risks are consistently updated and reported.

Key disadvantages

• Limited scope: Primarily focuses on vendor risk, offering little to address broader operational resilience requirements or test internal controls.
• Not an European company: Panorays is a USA-based company
• Implementation is less easy: Users report a steep learning curve during initial implementation.
• Data accuracy issues: Users have reported concerns regarding the accuracy of the data generated by the platform.

2.4 OneTrust

OneTrust is a heavyweight in the compliance space, with a broad array of tools covering privacy, security, and risk management.

Key advantages

• Comprehensive modules: Offers tools for privacy, security, and governance that cater to global regulations.
• Strong market presence: Recognised as a leader in compliance and risk management software.

Key disadvantages

• Outdated: The interface is less state-of-the-art and user friendly than other available solutions in the market.
• Complexity: Its extensive feature set can be overwhelming for organisations looking for a straightforward solution.
• High cost: The platform’s pricing model may be prohibitive for small to medium-sized enterprises. You pay for the brand.

2.5 Excel

Excel, a widely used spreadsheet tool, has also been leveraged by organisations to manage compliance processes, including DORA. While not a dedicated compliance platform, its versatility makes it a viable option for small-scale or ad-hoc implementations.

Key advantages

• Familiarity: Most organisations already use Excel, reducing the need for additional training.
• Customisation: Highly flexible, allowing users to build tailored templates and workflows.
• Cost-effective: Generally more affordable than specialised compliance tools.

Key disadvantages

• Manual effort: Lacks automation, requiring significant manual input and maintenance. This makes it overall quite expensive for achieving DORA compliance.
• Error-prone: High risk of human error, especially when managing large datasets.
• Scalability issues: Not suitable for large organisations or complex compliance requirements.
• Lacks integration: Does not integrate with other systems for streamlined data sharing or reporting.

3. Conclusion

While all 5 vendors bring unique capabilities to the table, 3rdRisk emerges as the leading solution for automating and simplifying DORA compliance. Its integrated approach, ease of use, and specialised European expertise make it the most compelling choice. Furthermore, its multidisciplinary approach, allowing organisations to manage their internal and other external compliance frameworks such as NIS2 and CSDDD, reinforces its position as the best tool for achieving compliance seamlessly.

For organisations prioritising operational resilience and compliance efficiency, 3rdRisk is the clear winner—delivering much value and peace of mind in achieving DORA compliance.