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Beyond Compliance: Future-Proofing Your Supplier Network for ESG & Risk Challenges

Strong supplier compliance isn’t just about meeting regulations—it’s about protecting your business, your reputation, and your bottom line. Companies are under increasing pressure to ensure their supplier networks align with ESG standards, ethical sourcing practices, and evolving regulations. Yet, many struggle with fragmented data, manual processes, and limited visibility into supplier risk. 

The Compliance Challenge: A Shifting Landscape

Regulatory requirements are surging worldwide, covering areas such as: 

  • Environmental & Sustainability Standards (e.g., carbon reporting, deforestation laws) 
  • Data Privacy & Security (e.g., GDPR, cross-border data regulations) 
  • Anti-Bribery & Corruption (e.g., FCPA, UK Bribery Act) 
  • Labor & Employment Laws (e.g., fair wages, modern slavery acts) 

With ESG regulations alone increasing 155% since 2011*, businesses must adopt proactive compliance strategies to avoid reputational risks, supply chain disruptions, and financial penalties. 

Rethinking Supplier Compliance: A Smarter Approach

Traditional compliance methods rely on manual audits, periodic reporting, and static assessments. But to future-proof supplier networks, organizations need real-time insights, automated workflows, and AI-driven risk mitigation. 

Here’s what an effective compliance strategy should include: 

  • End-to-End Supplier Lifecycle Management – From discovery to onboarding, continuous compliance tracking ensures suppliers meet evolving requirements. 
  • Automated Risk Assessments – Dynamic questionnaires and AI-powered risk scoring streamline supplier evaluations. 
  • Integrated ESG & Risk Data – Seamlessly incorporating third-party risk intelligence enables more informed decision-making. 
  • Predictive Alerts & Workflow Automation – Proactively assigning compliance actions prevents potential violations before they escalate. 

From Obligation to Competitive Advantage

For many organizations, compliance is seen as a regulatory burden—an obligation that must be met to avoid fines or reputational damage. However, forward-thinking companies are shifting their perspective. Strong compliance and sustainability practices don’t just mitigate risk; they open doors to new business opportunities, strengthen supplier relationships, and enhance brand reputation. 

To turn compliance into a strategic advantage, businesses need the right tools—ones that simplify processes, provide predictive insights, and enable proactive decision-making. 

How Trust Your Supplier (TYS) Enables Seamless Compliance & Risk Management

With TYS, you gain the tools to proactively manage supplier compliance, mitigate risks, and streamline your supplier life cycle. TYS ensures that compliance is not just a checkbox—but a catalyst for resilience and growth. By leveraging our advanced analytics, real-time monitoring, and integrated risk data, you can stay ahead of regulatory changes, protect your brand reputation, and drive long-term resilience.  

Ready to take control of your supplier compliance? Reach out to learn more about how TYS can help you transform your approach and safeguard your business today. 

*Gartner, How Regulatory Complexity Will Shape the Future of Procurement, 2024 

April Harrison Blog, ESG, Risk & Compliance 0 Comments , , , ,

Germany’s Supply Chain Due Diligence Act: What Suppliers Need to Know

The Lieferkettensorgfaltspflichtengesetz (LkSG)—or German Supply Chain Due Diligence Act (SCDDA)—is now in effect, requiring companies with offices in Germany to conduct strict due diligence on their supply chains to protect human rights and the environment.

If your business is a supplier to German companies, you may already be receiving compliance requests. Understanding what’s required and how to respond effectively is key to maintaining partnerships and positioning your business as a trusted, responsible supplier.

How Does LkSG Impact Suppliers?

Under the law, German companies must ensure that their entire supply chain—including direct and indirect suppliers—meets due diligence standards. Suppliers may be asked to:

✅ Provide compliance documentation on human rights and environmental protection
✅ Demonstrate risk management processes to address potential violations
✅ Undergo audits or assessments as part of ongoing due diligence
✅ Implement corrective actions if risks are identified

How Suppliers Can Prepare

  • Assess Your Current Practices – Review your policies on labor rights, environmental impact, and supplier management.
  • Ensure Transparency – Keep compliance records up to date and ready to share with German buyers.
  • Leverage Digital Compliance Tools – Platforms like Trust Your Supplier (TYS) help suppliers centralize documentation and respond efficiently to due diligence requests.

Need help navigating LkSG compliance? Download our supplier guide for actionable insights on meeting buyer expectations and strengthening your compliance strategy.

April Harrison Blog, Insights for Suppliers

Navigating DORA Compliance: What Suppliers Need to Know to Support Financial Institutions

“In the financial services arena, compliance isn’t just a mandate or a regulation – it is a commitment to trust and resilience.”  ~Sri Gopinath, TYS VP of Customer Success, Delivery & Professional Services 

The European Union’s Digital Operational Resilience Act (DORA) is now in effect, bringing a significant shift in how financial institutions manage risk and compliance. But DORA isn’t just about internal operations—it extends to suppliers and third-party service providers. For suppliers, understanding and aligning with DORA is essential for maintaining trust and building successful partnerships with financial institutions. 

Financial entities, including banks, investment firms, and insurance providers, are required under DORA to ensure operational resilience across their supply chains. This means suppliers play a critical role in helping these institutions meet compliance obligations and minimize risks. 

Why Suppliers Must Pay Attention to DORA

DORA requires financial institutions to take a closer look at the suppliers they depend on, especially those providing critical services such as IT infrastructure, cybersecurity, regulatory reporting, and data management. Suppliers who fail to meet the standards set by DORA may face challenges in securing or retaining contracts with financial entities. 

Key areas of focus for suppliers include:

  • Demonstrating Operational Resilience: Suppliers must show that they have robust systems, disaster recovery plans, and cybersecurity measures in place to mitigate risks. 
  • Meeting Compliance Requirements: Suppliers need to align with the operational resilience expectations of their financial clients, as specified in DORA. 
  • Maintaining Transparency: Continuous monitoring and open communication with financial clients about risk and compliance are essential. 

How Suppliers Can Prepare for DORA

To align with DORA requirements and meet the expectations of procurement organizations, suppliers should:

  1. Assess Your Current Compliance Posture: Review your operational resilience strategies, cybersecurity policies, and disaster recovery plans to ensure they align with the expectations of financial institutions under DORA. 
    • Cybersecurity Policy 
    • Disaster Recovery Plans 
    • Sustainability Plans

  2. Strengthen Your Internal Processes: Implement systems for regular audits, risk assessments, and compliance tracking. Demonstrating that these processes are in place will build confidence with financial clients. 
  3. Be Ready for Continuous Monitoring: Financial institutions will require ongoing oversight of supplier compliance. Ensure you have tools and protocols for providing necessary updates, audit responses, and risk assessments in real-time. 
  4. Develop Clear Incident Response Plans: Outline protocols for quickly addressing disruptions or breaches. Financial institutions will expect suppliers to have actionable contingency plans to minimize downtime and operational impact. 
  5. Leverage Technology: Digital platforms like Trust Your Supplier (TYS) can help suppliers manage and communicate their compliance efforts effectively. 

What Procurement Organizations Will Look For

Procurement teams at financial institutions will assess suppliers based on:

  • Criticality to Operations: Suppliers providing essential services will undergo stricter scrutiny. 
  • Compliance Transparency: Procurement teams will look for suppliers who can provide clear evidence of their compliance efforts, including regular updates and documentation. 
  • Proactive Risk Management: Suppliers with robust risk management processes, such as cybersecurity measures and disaster recovery protocols, will have a competitive advantage. 

How Trust Your Supplier (TYS) Supports Suppliers

Trust Your Supplier (TYS)  is here to help suppliers streamline compliance processes, improve visibility, and ensure readiness to meet client and regulatory expectations. Here’s how we support your success: 

  • Centralized Compliance Management: Keep your compliance documentation, certifications, and responses to regulatory questionnaires in one place, ensuring you’re always prepared to meet client expectations. 
  • Visibility to Financial Institutions: By maintaining an up-to-date TYS digital wallet, you provide financial clients with immediate access to the information they need to evaluate your compliance and resilience. 
  • Stronger Client Relationships: Demonstrate your commitment to compliance and transparency by actively managing your digital wallet. This not only supports client trust but also positions you as a reliable partner in navigating regulatory challenges. 

By keeping your TYS digital wallet current, you stay ahead of evolving regulatory demands, building trust and enhancing your value to financial institutions. 

Building Resilience for the Future

DORA presents an opportunity for suppliers to strengthen their compliance frameworks and position themselves as trusted partners for financial institutions. By aligning with DORA’s requirements, suppliers can enhance their operational resilience, improve transparency, and build long-term relationships with procurement teams. 

As DORA compliance becomes a priority for financial institutions, it’s essential for suppliers to proactively manage their risk and compliance data. By keeping your Trust Your Supplier digital wallet up to date, you ensure that financial clients can see your commitment to operational resilience and regulatory adherence. 

April Harrison Blog, Insights for Suppliers 0 Comments , ,

Trust Your Supplier Achieves Fifth Consecutive SOC Certification, Reinforcing Commitment to Security and Compliance

In an era where data security and privacy are paramount, organizations must continuously uphold the highest standards of cybersecurity and compliance. Trust Your Supplier (TYS) is proud to announce the successful completion of its SOC 1 and SOC 2 Type 2 examinations for the fifth consecutive year—with no exceptions. This achievement underscores TYS’s unwavering commitment to securing sensitive data and maintaining the integrity of its platform for all participants.

Why SOC Compliance Matters
System and Organization Controls (SOC) examinations are rigorous audits designed to evaluate a company’s ability to safeguard customer data. Conducted by A-LIGN, a trusted technology-enabled security and compliance firm, these examinations assess internal controls related to security, availability, processing integrity, confidentiality, and privacy.

SOC 2 compliance is particularly critical for businesses handling sensitive data, as it provides assurance that an organization has implemented effective policies, procedures, and controls to mitigate risks. Unlike traditional cybersecurity assessments that focus on specific technical configurations, a SOC 2 report evaluates how an organization as a whole addresses and manages security-related risks.

TYS’s Ongoing Dedication to Security
As a trusted provider of supplier information management solutions, TYS undergoes SOC 1 and SOC 2 audits annually. These evaluations ensure that our platform meets industry-leading security and compliance standards in areas such as:

  • Information Security – Protecting customer data from unauthorized access and threats.
  • Access Control – Ensuring only authorized users can interact with sensitive information.
  • Supplier Management – Enabling verification that third-party partners uphold stringent security measures.
  • Business Continuity & Disaster Recovery – Maintaining operational resilience in the face of disruptions.
  • System Backup & Data Integrity – Ensuring data availability and protection against loss.

Accessing SOC Reports
TYS remains committed to transparency and security by providing its SOC reports to current clients upon request and potential clients under a non-disclosure agreement.

By consistently achieving SOC 1 and SOC 2 compliance, TYS continues to build trust with its partners, reinforcing our mission to provide a secure, reliable, and compliant supplier management ecosystem. Please contact us if you are interested in learning more about how TYS ensures data security and compliance.

Learn more about TYS’s stringent data security standards.

April Harrison Blog, Data Privacy & Security, News 0 Comments ,

Introducing TYS Connect: A Smarter, More Intuitive Supplier Portal

TYS Connect introduces a sleek, user-friendly design that empowers suppliers to manage their profiles, update documents, and connect with your procurement, risk, and compliance teams in a more streamlined way. This new portal simplifies processes, creating a smoother workflow for everyone involved.

For Suppliers:
TYS Connect provides faster navigation and profile management, making it easier for suppliers to update their information quickly. It also streamlines processes, reducing delays and accelerating transactions, which leads to a more efficient experience for all parties.

For Procurement, Risk, and Compliance teams:
With these improvements, suppliers now have an easier, more intuitive platform that enhances collaboration, reduces friction in communications, and accelerates transactions. This results in a smoother workflow for procurement teams, allowing them to focus on strategic goals while the supplier experience is handled more efficiently.

A New Era of Supplier Collaboration

The launch of TYS Connect marks an exciting step forward in simplifying and strengthening supplier relationships. As the business landscape becomes increasingly digital, it’s more important than ever to ensure that procurement teams and suppliers can work together seamlessly. With TYS Connect, suppliers now have a platform designed to make their experience easier, while procurement teams benefit from streamlined processes that help them drive efficiency and value across the supply chain.

April Harrison Blog, News 0 Comments ,

2025 Manufacturing Industry Insights: Navigating a Web of Opportunity and Challenge

by Sri Gopinath

The manufacturing industry stands at a critical juncture in 2025, fueled by technological advancements, economic pressures, and evolving consumer demands. Across North America, Europe, and Asia, manufacturers are navigating a landscape filled with both opportunities and challenges. 

Snapshot of the Manufacturing Landscape

  • Growth: The global manufacturing industry is projected to achieve a 4.9% Compound Annual Growth Rate (CAGR), growing from $13.5 trillion in 2023 to $20.8 trillion by 2031, driven initially by slowing inflation and declining interest rates.

  • Investment: Significant investment in manufacturing, particularly in clean-technology facilities, is expected to create jobs and drive further growth.
  • Challenges: Higher costs for input materials and ongoing talent shortages remain key hurdles. 

North America
The U.S. manufacturing sector is witnessing unprecedented investment in clean technology and semiconductor production, spurred by legislative initiatives such as the Infrastructure Investment and Jobs Act (IIJA), the CHIPS and Science Act (CHIPS), and the Inflation Reduction Act (IRA). These policies have led to a surge in construction spending on new manufacturing facilities and job creation. Advanced manufacturing technologies, including AI-driven robotics, 3D printing, and smart factories, are helping enhance efficiency and reduce dependence on manual labor. 

Despite these advancements, economic uncertainty and persistent labor shortages temper optimism. The National Association of Manufacturers (NAM) forecasts growth in the 1-4% range for 2025, with price increases between 1.7-2.6% and inflation hovering around 2-3%. Following the November 2024 U.S. general election, domestic manufacturing policies may intensify trade disputes, potentially causing reconfiguration of supply chains in order to stay ahead of any cost or delivery risk. 

Europe
European manufacturers face dual challenges of economic uncertainty and evolving environmental regulations that have become one of the top priorities for the region, in addition to addressing geopolitical issues. The drive toward net-zero emissions has spurred investments in green technologies, yet geopolitical tensions and fluctuating demand present significant obstacles. 

Key regulatory developments include: 

  • Omnibus ESG Regulation: A consolidated sustainability framework incorporating reporting needs under the CSDDD, CRSD and unified EU Taxonomy due to roll out in 2025, creating a time critical need for businesses. 
  • Digital Operational Resilience Act (DORA): Though primarily targeting the financial services sector, DORA’s risk management requirements are expected to impact manufacturers if they do business with financial services companies through products, services and data handling. 

Asia
Asia remains a manufacturing powerhouse, led by China and India. However, rising labor costs, supply chain disruptions, and the imperative for technological upgrades require a pivot toward smart factories and digital transformation. Sustainability efforts are also gaining traction, with innovations aimed at reducing plastic waste, improving recycling, and adopting biodegradable materials to align with global environmental expectations. 

No Shortage of Challenges

The 2025 global supply chain landscape is marked by complexity and fragility. Geopolitical events, such as trade tensions between major economies, growth in tariffs, and rise in trade barriers significantly impact supply chains. 

Labor shortages, compounded by aging workforces and widening skills gaps, are another pressing issue. Rapid technological advancements, such as AI and automation, demand new skill sets and substantial workforce investments. Environmental and sustainability pressures also necessitate a shift toward greener practices and sustainable supply chains. 

Consumer demand further complicates the landscape, with increasing emphasis on sustainability, personalization, and wellness. The ability to adapt quickly to these evolving preferences is critical. 

At the heart of these interconnected challenges is the need to strengthen supply chain resilience. Manufacturers must prioritize transparency and agility to navigate risks and reposition effectively in an ever-changing environment. 

Charting a Course for 2025

To navigate these challenges and seize emerging opportunities, consider the following strategies: 

  1. Invest in Digital Transformation: Embrace technologies like AI, IoT, and blockchain to enhance supply chain visibility, efficiency, and resilience. Leverage predictive analytics and smart manufacturing to anticipate and mitigate disruptions. Simplify, standardize, and digitize operational processes

  2. Focus on Workforce Development: Address labor shortages by investing in upskilling programs and technology. Partner with educational institutions to source and develop talent.

  3. Leverage Sustainability for Competitive Advantage: Integrate sustainability into core business strategies. Invest in green technologies, reduce waste, and improve energy efficiency. Set ambitious sustainability goals, develop measurement capabilities and adopt transparent reporting practices to track progress to company-wide targets, while extending them into the supply base.

  4. Strengthen Risk Management: Implement robust frameworks to identify and mitigate potential disruptions. Conduct regular risk assessments, develop contingency plans, and invest in cybersecurity.

  5. Respond to Volatile Consumer Demand: Link sales and demand planning tools with internal production and supplier management to enhance responsiveness, agility and visibility of across the end-to-end supply chain

  6. Enhance Supply Chain Flexibility: Adopt flexible strategies that can adapt to geopolitical and economic shifts. Diversify suppliers, build inventory safety stock for business critical items, and prioritize local or regional sourcing to mitigate risks.

By adopting these strategies, manufacturers can position themselves to thrive in the face of 2025’s complexities. At Trust Your Supplier, we deliver enhanced supplier management and risk viability solutions to help you meet the challenges that lie ahead.  Success lies in embracing innovation, fostering resilience, and committing to sustainable practices.  In this rapidly evolving landscape, the ability to adapt and lead will define the manufacturing leaders of tomorrow. Learn more about how TYS’s blockchain-driven platform can position you for success in these uncertain times.

April Harrison Blog, Manufacturing 0 Comments ,

Trust Your Supplier Recognized at the Center of Dr. Elouise Epstein’s Spider Map—For the Third Time

Trust Your Supplier (TYS) is proud to announce that we have once again been positioned at the center of Dr. Elouise Epstein’s Spider Map (the Modern Procurement Platform Stack), marking our third consecutive appearance in this prestigious spot. This recognition highlights the strength of our platform and its impact on the procurement technology landscape.

Dr. Epstein’s Spider Map has long been a definitive guide to understanding the evolution of procurement technology, shining a spotlight on the most innovative solutions in the industry. TYS’s consistent placement at the heart of the map signifies our leadership in supplier management, our dedication to empowering suppliers, and our role in driving transformation across the procurement ecosystem.

Our platform continues to deliver value by streamlining supplier data ownership, enhancing compliance processes, and providing robust tools for managing supplier risk. These capabilities reflect the innovation and impact that have earned us this recognition.

We are honored to be recognized among the top innovators in procurement technology and are deeply grateful for the trust of our customers and partners. This milestone reinforces our mission to transform supplier management and drive progress in the industry.

April Harrison Blog, News 0 Comments ,

Transforming Procurement into a Strategic Function: The Key to Supply Chain Success

As businesses operate in increasingly complex and interconnected environments, procurement is no longer just a tactical or transactional function. As global supply chains become more complex, organizations are recognizing the need to elevate procurement to a strategic level. This shift not only improves efficiency but also helps organizations drive growth, reduce costs, and mitigate risk—ultimately creating a competitive advantage.

Why Procurement Needs to Evolve

Procurement has traditionally been seen as a back-office function—focused primarily on purchasing goods and services, negotiating contracts, and ensuring that suppliers deliver on time and within budget. However, as businesses face new challenges—such as supply chain disruptions, regulatory pressures, sustainability demands, and digital transformation—procurement has become too important to be treated as merely transactional. 

Today, procurement is being recognized as a strategic function that plays a critical role in:

  • Driving Innovation: By identifying and sourcing the latest technologies, services, and solutions, procurement teams can support innovation within the organization. 
  • Managing Risk: Supplier risk management is a key concern, especially with the rise of cybersecurity threats, geopolitical instability, and supply chain disruptions. Procurement can help mitigate these risks through better supplier selection and performance monitoring. 
  • Improving Cost Efficiency: Strategic procurement focuses on value rather than just cost. By optimizing supplier relationships and fostering collaboration, procurement teams can negotiate better deals and unlock savings. 
  • Enhancing Sustainability and Compliance: As organizations face increased pressure to meet sustainability goals and comply with evolving regulations, procurement teams are becoming integral to ensuring responsible sourcing and compliance with environmental, social, and governance (ESG) standards. 

The Role of Data in Strategic Procurement

One of the biggest enablers of this transformation is data. With the right tools and technologies, procurement teams can leverage data-driven insights to make smarter, more informed decisions. The ability to access real-time data about supplier performance, financial health, and risk factors is essential for managing complex supply chains and aligning procurement with the organization’s broader strategic goals. 

But simply having access to data isn’t enough. Procurement teams need tools that can help them analyze this data effectively and collaborate seamlessly across departments and with external partners. The integration of advanced technologies like artificial intelligence, machine learning, and blockchain into procurement processes is helping organizations gain a competitive edge by improving visibility, decision-making, and operational efficiency. 

Procurement’s New Role in Building Resilience

The recent global disruptions, such as the COVID-19 pandemic, have shown how vulnerable traditional supply chains can be. Organizations are now more focused than ever on building resilience within their supply chains. This includes diversifying suppliers, ensuring a transparent supply chain, and adopting more agile procurement practices. 

Procurement teams have an essential role to play in this process. By strategically sourcing from a diverse pool of suppliers, evaluating suppliers’ financial health, and continuously monitoring supplier performance, procurement can help mitigate potential disruptions and ensure business continuity. 

How Trust Your Supplier (TYS) Supports Strategic Procurement

As procurement continues its transformation into a strategic function, Trust Your Supplier (TYS) provides the tools and capabilities organizations need to make it happen. 

TYS leverages blockchain technology and integrated data from trusted risk intelligence providers to help organizations streamline supplier discovery, onboarding, and lifecycle management. The platform empowers procurement teams with real-time insights into supplier activity, financial stability, and compliance, enabling smarter decision-making and reducing risks across the supply chain. 

Key features of Trust Your Supplier include: 

  • Supplier Discovery and Pre-Qualification: Quickly identify and assess suppliers based on your specific criteria, including financial health and regulatory compliance, ensuring alignment with your organization’s strategic goals. 
  • Risk Management: TYS integrates with risk intelligence providers like D&B, Moody’s, and RapidRatings, giving procurement teams the ability to proactively manage supplier risks and make data-driven decisions. 
  • Collaboration and Transparency: TYS fosters collaboration across teams by offering centralized workflows for supplier communication, contract management, and compliance monitoring. This visibility and collaboration drive efficiency and ensure alignment with broader business objectives. 

By using TYS, organizations can transform their procurement operations into a strategic powerhouse that drives value, mitigates risks, and supports long-term business growth. 

The future of procurement lies in its ability to contribute strategically to business success. By focusing on value, innovation, and risk management, procurement teams can unlock their full potential as strategic drivers of organizational growth. With the right tools, like Trust Your Supplier, organizations can elevate procurement to new heights—turning it into a critical function that not only keeps the supply chain running but also helps shape the future of the business. 

April Harrison Blog 0 Comments ,

The Power of Trust in Uncertain Times

by Gary Storr, TYS General Manager

The other day, a young colleague early in his career called me for advice. His organization was navigating turbulent waters, having recently let go of several leaders, including his manager and Vice President. Despite receiving high marks and consistent praise for his performance, he was understandably worried about his own future and sought direction on how to proceed. 

What my colleague was truly wrestling with was uncertainty. That unpredictable haze that clouds our judgment, fuels insecurity, and invites irrational thoughts. It’s a natural reaction—especially for those early in their careers. We’ve all been there. At the time, uncertainty feels like a storm to weather, but in hindsight, it often offers invaluable lessons that help us grow and mature. 

Over the days that followed, I kept reflecting on that conversation. Life is full of uncertainties—in our careers, relationships, world events, and nearly every aspect of our daily lives. Yet, we find ways to navigate these challenges, move forward, and thrive. How? I believe the answer lies in trust. 

As a bit of a history enthusiast, I couldn’t help but recall one of the most pivotal moments in history—a decision steeped in uncertainty yet grounded in trust. 

A Historic Lesson in Trust

In 1944, General Dwight D. Eisenhower faced a decision that would change the course of history. As commander of Operation Overlord, Eisenhower had amassed the largest invasion force in history for what we now know as D-Day. Initially scheduled for June 5, the operation was delayed due to forecasts of severe weather that threatened the mission’s success. 

Eisenhower’s chief meteorologist, Group Captain James Stagg, predicted a brief weather window on June 6. Trusting Stagg’s expertise, Eisenhower made the call to proceed. The resulting success marked a turning point in World War II. 

Eisenhower’s trust in his team exemplifies how trust can empower us to move forward even when the path ahead is shrouded in uncertainty. 

The Value of Trust

Without trust, uncertainty becomes paralyzing. Trust allows us to take informed risks, make decisions, and act with confidence. It enables collaboration, fuels innovation, and fosters resilience. 

When I spoke to my young colleague, I encouraged him to focus on building trust—trust in his abilities, his leaders, his network, and above all, himself. With trust as a foundation, even the most uncertain times become opportunities for growth. 

Change is inevitable, but trust clears the haze of doubt and strengthens our resolve to face the unknown. Whether in personal relationships or professional endeavors, trust creates the foundation for success. 

Trust and Collaboration: The Foundation of Partnership

In organizations, trust doesn’t just reside in individuals—it extends to partnerships and collaborations. Leaders must trust their teams. Businesses must trust their suppliers. Stakeholders must trust the processes and systems guiding them forward. 

Collaboration built on trust creates shared accountability, drives innovation, and enhances resilience. When partners are transparent, consistent, and dependable, they ease uncertainty, enabling everyone involved to thrive. 

This is where Trust Your Supplier (TYS) plays a vital role. By connecting organizations with a network of verified, pre-qualified suppliers, TYS simplifies the complexities of supplier management and builds trust into the supply chain process. 

Here’s how TYS can help: 

  • Streamlining Supplier Pre-Qualification: TYS ensures that suppliers meet key criteria before they’re even invited to join the network, minimizing risk and saving time. 
  • Enhancing Transparency: With integrated risk intelligence and compliance monitoring, organizations can trust that their supplier data is reliable, up-to-date, and secure. 
  • Driving Collaboration: TYS fosters stronger partnerships by providing tools for streamlined communication and accountability, creating a foundation of trust between businesses and their suppliers. 
  • Mitigating Uncertainty: Whether it’s navigating geopolitical risks, compliance challenges, or supplier viability concerns, TYS empowers organizations with the insights and tools to act with confidence. 

Helping organizations build trusted partnerships isn’t just our mission—it’s our passion. It’s deeply human to seek trust amid uncertainty, and at TYS, we take pride in creating solutions that empower leaders to move forward with clarity and confidence. 

Turning Uncertainty into Opportunity

As I ended my call with my young colleague, I couldn’t help but reflect on my own journey through uncertain times. Experience has taught me that trust is the bridge from uncertainty to action. Whether we’re making decisions that affect our careers or the future of our organizations, trust provides the stability we need to succeed. 

At Trust Your Supplier, we strive to help organizations build that bridge every day. Because in a world where uncertainty is inevitable, trust is what moves us forward. 

April Harrison Blog 0 Comments

Empowering Resilience Through Risk Management: The Path to DORA Compliance in the Financial Sector

 “In the financial services arena, compliance isn’t just a mandate or a regulation – it is a commitment to trust and resilience.”  ~Sri Gopinath, TYS VP of Customer Success, Delivery & Professional Services

As the January 2025 deadline for the European Union’s Digital Operational Resilience Act (DORA) rapidly approaches, financial institutions must shift their focus to a crucial element of compliance: third-party risk management. Under DORA, financial entities must demonstrate resilience not only in their internal operations but also across their third-party relationships, which are critical to their overall operational resilience. 

DORA is set to impact a broad range of financial services providers, including banks, investment firms, insurance companies, and even non-traditional entities like crypto-asset services. But perhaps the most challenging and far-reaching provision of DORA lies in its stringent expectations for how firms manage the risks introduced by their third-party service providers. 

Why Third-Party Risk Management is Key for DORA Compliance

Third-party providers—whether cloud service providers, data centers, or even credit rating agencies—are essential to financial institutions’ day-to-day operations. As the industry continues to embrace digital transformation, the reliance on external suppliers grows. However, with this increased reliance comes increased risk and potential vulnerabilities. A disruption or breach from a third-party provider can have far-reaching consequences, impacting everything from customer trust to regulatory penalties. 

DORA recognizes this risk, establishing strict guidelines on how firms must monitor and manage their third-party relationships maintain high standards of operational resilience and reduce the risk of disruptions. The new regulation requires financial institutions to:

 

  1. Identify Critical Third Parties: Financial institutions must assess their external service providers and categorize them based on their importance to business continuity. This includes not just core services like IT infrastructure but also suppliers involved in regulatory reporting, data management, and cybersecurity. 
  1. Ensure Resilience of Third Parties: DORA mandates that financial entities must conduct thorough due diligence and establish contractual obligations with third-party providers to ensure that their suppliers meet operational resilience requirements. This includes requiring them to have robust cybersecurity measures, disaster recovery plans, and data protection protocols in place. 
  1. Continuous Monitoring and Risk Assessment: It’s no longer enough to simply vet third parties during the initial contracting and onboarding process. Under DORA, ongoing monitoring is essential to ensure compliance with contractual requirements and manage risks appropriately. Financial institutions must continuously evaluate the risk posture of their third-party providers, ensuring that they remain compliant with security, operational, and regulatory standards throughout the partnership. 
  1. Incident Reporting, Contingency Planning and Testing: DORA also demands that institutions have clear, actionable contingency plans in place in case of a third-party breach or disruption caused by third party service provider incidents. These plans must be regularly tested to ensure their effectiveness in maintaining operational continuity, and include provisions for quickly identifying and reporting incidents, as well as measures for minimizing the impact of any disruptions. 

The Challenge of Managing Third-Party Risk

Managing third-party risk is not a new challenge for financial institutions, but the scope of DORA’s requirements presents a unique opportunity—and challenge—for organizations. Ensuring compliance will require significant effort and coordination across multiple departments and functions. More importantly, it will demand comprehensive digital tools that can support continuous third-party monitoring, facilitate efficient onboarding processes, and track compliance across a range of standards. 

Here, digital platforms like Trust Your Supplier (TYS) can be a game-changer. TYS enables organizations to streamline the discovery, onboarding, and compliance management of third-party suppliers, all while ensuring that supplier risk is continuously assessed through automated workflows.  

By leveraging TYS’s third-party risk management capabilities, financial institutions can gain visibility into the operational resilience of their critical suppliers, monitor ongoing compliance with DORA’s stringent requirements, and quickly identify any potential gaps in their third-party risk management strategies. 

Preparing for DORA Compliance: Key Steps Financial Institutions Can Take

To successfully prepare for DORA’s third-party risk management requirements, financial institutions should: 

  1. Conduct a Third-Party Risk Assessment: Review all third-party relationships and identify which suppliers are critical to business continuity. This should include both direct suppliers and those providing outsourced services for your critical functions. 
  1. Strengthen Contracts and Agreements: Ensure that all contracts with third-party providers include provisions for operational resilience, including disaster recovery, cybersecurity, and compliance monitoring. 
  1. Implement Continuous Monitoring and Reporting: Implement digital tools that enable real-time monitoring of third-party risk. This should include tracking supplier financial health, cybersecurity posture, and any relevant regulatory compliance requirements. 
  1. Establish Incident Response and Contingency Plans: Develop and implement contingency plans that include clear protocols for handling disruptions caused by third-party service providers. 

How Trust Your Supplier (TYS) Helps with Third-Party Risk Management

Trust Your Supplier (TYS) offers a comprehensive solution for managing third-party risk under DORA. The platform enables financial institutions to streamline the discovery and vetting of suppliers, while also maintaining a continuous watch on supplier compliance and risk.  

With TYS, you can: 

  • Pre-qualify and Assess Third-Party Suppliers: Discover new, trusted suppliers with integrated risk data and pre-qualification tools. TYS makes it easier to evaluate and select suppliers that meet your organization’s specific resilience and compliance needs.
  • Continuous Monitoring: Stay informed about your suppliers’ financial viability, cybersecurity posture, and overall risk through automated updates and reports. TYS helps you ensure that your critical third-party providers continue to meet DORA’s evolving requirements. You can conduct regular audits and questionnaires as part of an ongoing monitoring campaign to ensure they remain compliant with DORA.

  • Streamline Compliance Management: TYS’s digital workflows automate the monitoring of regulatory compliance, reducing manual effort, mitigate human error and maintain an audit trail of documentation and approvals to achieve compliance.   

The Path Forward: Building a Resilient Third-Party Ecosystem

As DORA compliance looms large on the horizon, financial institutions have a critical opportunity to enhance their third-party risk management strategies. By addressing the risks posed by external suppliers, financial entities can build a more resilient, digitally enabled operational model that stands up to the challenges ahead. 

Taking action now—not just to comply with DORA, but to build a sustainable third-party risk management framework—will ensure that financial institutions can not only survive but thrive in an increasingly complex and regulated environment. 

Get Ready for DORA with Trust Your Supplier

Third-party risk management will play a pivotal role in your DORA compliance strategy. Learn how TYS can help streamline your supplier risk assessments, automate compliance workflows, and provide real-time visibility into your third-party relationships. Contact us today to schedule a demo and see how our platform can help you stay ahead of regulatory requirements and strengthen your operational resilience. 

April Harrison Blog, Financial, Risk & Compliance, Supply Chain 0 Comments , , ,