Top 7 DORA compliance software providers (2024)

If you work as a risk professional in the financial sector, you know better than anyone how important it is to comply with DORA regulations.

The Digital Operational Resilience Act, also known as DORA, was introduced by the EU on 16 January 2023. It’s designed to strengthen digital systems that support financial institutions in European markets. DORA focuses on risk management, incident response, and governance.

But dealing with DORA compliance can feel like an overwhelming task. Where do you start, and how do you make sure you meet the regulations? This is where a DORA compliance software provider can step in to help.

Below, we’ve listed the top 7 DORA compliance software providers of 2024:

1. 3rdRisk
2. OneTrust
3. ProcessUnity
4. SAI360
5. ServiceNow
6. Formalize
7. Upguard

Before we tell you more about these tools, we'll first briefly explain what DORA compliance software does and why it's a smart idea to use one. You’ll also read how to find the right DORA compliance software provider for your organisation. 

DORA compliance software: this is what it does 

Complying with DORA in the financial sector is important because it helps companies protect themselves against cyberattacks and operational disruptions like system failures, outages, or data breaches. 

To meet the regulations, DORA compliance software can be a great tool. This software helps you with the following four tasks:

1. Data registration
2. Checking contracts 
3. Managing concentration risks
4. Assessing and monitoring of third parties 

Let’s briefly go over these four tasks. 

1. Data registration  

A good DORA compliance software platform helps you collect and keep track of all important data. It keeps every bit of data recorded, updated, and easy to find. This structured approach is key as DORA requires organisations to have an up-to-date register of information in place. 

2. Checking contracts

Making sure contracts meet DORA standards can be tricky. You have to pay close attention to the fine print, and no mistakes can be missed. A software platform helps by checking contracts against DORA rules and keeping track of all related security and continuity details. 

3. Managing concentration risk

One important part of DORA is managing concentration risk in the supply chain. A software platform helps you see the whole supply chain, making it easier to spot, and reduce these risks. A clear overview helps businesses avoid depending too much on one supplier or service, making them stronger and more resilient.

4. Assessing and monitoring of third parties

Keeping track of third-party activities and how they might affect your business is necessary if you want to comply with DORA. A software platform can give you real-time alerts when a supplier is in the news, helping you manage risks quickly. This instant info helps you solve problems, making sure you stay compliant, and your operations run smoothly.

A DORA compliance software provider helps automate these four tasks for you, making it easier to stay compliant with the regulations. But how do you know which software is best for your organisation? We’ll explain that below.

How to pick the best DORA compliance service provider for your organisation? 

There are quite some DORA compliance service providers out there. So how do you figure out which one is the best fit for your organisation? Here are the most important things to consider when choosing DORA compliance software: 

• Does it give full visibility into all your ICT risks?  
• Does it improve third-party stakeholder engagement? 
• Does it reduce your DORA compliance workload? 
• Does it automate your third-party risk assessments?
• Does it simplify contract management?
• Does it make third-party incident reporting easy?
• Do they offer continuous monitoring of third-party ICT service providers?

These features will help you select DORA compliance software that covers all the key areas and also improves how effectively and efficiently you manage third-party risks. 

The top 7 DORA compliance software providers 

Let’s look at the top 7 DORA compliance software providers for 2024. We’ll break down the pros and cons for you and highlight the key features. Just a quick note: this list is in no particular order. If you think we missed a great software provider, let us know.  

1. 3rdRisk

We’re starting the list with 3rdRisk, our own DORA compliance software. We help financial entities simplify DORA compliance and enhance overall operational resilience with our third-party risk management platform. 

Our compliance software, developed by risk experts, comes with a ready-to-use DORA blueprint built on best practices. It features automated workflows that engage third parties and internal stakeholders in the risk management process, making it easier to stay compliant without the hassle.

The platform automates key processes like vendor assessment, contract management, monitoring, documentation, and reporting. This reduces your compliance workload and helps you meet DORA requirements.

Thanks to its user-friendly design and ability to integrate with other tools, the software is easy to set up. You can quickly start implementing DORA controls such as performing vendor risk assessments and reporting on control effectiveness. The best part is, 3rdRisk only takes 10 days to implement.

Good to know: 3rdRisk excels in third-party risk, internal control, enterprise risk management, and compliance, but is not a complete Governance Risk & Compliance (GRC) suite. 

Key features: 

• Ready-to-use DORA plan, built on best practices 
• Library with DORA controls 
• 10-day implementation
• Contract management module, aligned to DORA requirements 
• Automated third-party risk assessments 
• Third-party incident reporting 
• Continuous monitoring of ICT service provider risks
• Covering all third-party risk domains, from cyber to sustainability 

2. OneTrust

OneTrust is a platform built for privacy risk management and secures the handling of company data. They help businesses innovate responsibly while managing risks related to security, privacy, and compliance

This software provider helps you meet DORA requirements and has many customers in the financial sector. They focus on third-party risks, keeping your control library and audit tasks organized, and simplifying ICT controls.

OneTrust provides dynamic reporting with compliance automation, giving you accurate insights. The platform offers tailored project management, but only to a limited extent. 

Key features:

• Third-party risk management 
• Security risk management 
• Compliance automation 
• Audit management
• Data guidance 

3. ProcessUnity

ProcessUnity is a leader in the Forrester Wave™: Third-Party Risk Management Platforms, Q1 2024. The platform focuses on third-party risk management (TPRM) automation, bringing all third-party data together, and reducing assessment work. It also has an AI tools suite.

This DORA compliance software gives you a structured register of information, saving time and effort in meeting regulations. They help keep your digital operations running smoothly even if a third-party fails, turning operational resilience into a competitive edge. Plus, they build stronger trust with your customers and partners by managing third-party risks effectively.

Compared to 3rdRisk and OneTrust, this DORA compliance software provider has an outdated interface and isn’t as user-friendly.

Key features:

• Centralized ICT risk framework 
• Register of information   
• Third-party control assessments  
• Standardized TPRM workflow 
• Rapid incident response and reporting

4. SAI360

SAI360’s mission is clear: deliver tailor-made, integrated GRC solutions that support global IT risk and compliance needs while avoiding complexity. The cloud-based platform gives businesses a holistic view of risk with innovative GRC software.

SAI360 provides a complete process for handling incidents. They cover everything from meeting DORA reporting requirements and reducing downtime to figuring out the root cause and preventing similar issues in the future.

Even though this software has a lot of risk management modules, the technology feels outdated and doesn’t include newer innovations like AI.

Key features:

• Management and mitigation of ICT-related risks with a data-led approach
• 360-degree view of risk that is dynamic, comprehensive, and accurate
• end-to-end process for incident management 

5. ServiceNow 

ServiceNow is an AI platform for transforming businesses, so you might not immediately think of them as a DORA compliance software provider. But actually, they do focus on areas like cybersecurity, IT and digital operations, and finance and supply chain.

They’re strong in managing incidents and keeping track of assets, and they have a lot of customers in the financial sector. The downside is that setting up their DORA compliance software takes a long time, and the platform isn’t very user-friendly. 

Key features:

• Automated workflows
• Real-time insights for better productivity and stakeholder engagement
• Automated security controls 
• A common service data model (CSDM) to standardise business information 

6. Formalize

Formalize helps organisations meet compliance regulations. They started and stand out in whistleblowing compliance but now cover a broader range of areas, including data, risk, and privacy.

A key part of their offering is helping companies become DORA compliant. They use special DORA templates, like policies, tasks, controls, and information registers.

Their software focuses on ICT risk management, incident management, digital operational reporting, resilience testing, and contract compliance. Their scope is limited to DORA and NIS-2. 

Key features:

• Risk management 
• Incident handling 
• ICT third-party provider 
• Register of information 

7. Upguard 

UpGuard helps businesses manage cybersecurity risk. Their platform combines third-party security ratings, security assessment questionnaires, and threat intelligence to give businesses a complete view of their risk. 

For DORA compliance, UpGuard offers automatic mapping and reporting using NIST CSF and ISO 27001 standards. They also provide security ratings.

If you choose UpGuard, keep in mind that they don’t use DORA-specific blueprints or best practices.

Key features:

• Constant vendor monitoring 
• Security ratings 
• 360 risk assessments 
• Instant alerts

3rdRisk: the best DORA compliance software solution for financial entities  

While every DORA compliance software provider has pros and cons, 3rdRisk stands out as a top choice for financial organisations, from small- and medium-sized enterprises to larger organisations and corporates.

This third-party risk management platform, designed by risk experts with first-hand experience, comes with built-in DORA blueprints. This makes it a great choice for meeting regulations. Plus, the setup is super quick, it takes just 10 days. You’ll be up and running in no time and won’t have to stress about DORA compliance anymore.

Want to learn more about how 3rdRisk can help you with DORA compliance? Check out our DORA page for more details.