The pressure on financial institutions to manage third-party risk is mounting — and the stakes have never been higher.
As one of the most highly regulated industries in the world, the financial sector faces intense scrutiny from regulatory bodies across the globe — with potentially budget-breaking consequences for non-compliance. In 2024, financial institutions faced an average data breach cost of $6.08 million, driven by increasingly complex regulatory requirements and a more advanced third-party risk landscape.
For risk management leaders, the message is clear: effective third-party risk management (TPRM) isn’t just a compliance checkbox — it’s a business imperative with direct impact on your bottom line.
The Ripple Effect of Global Regulations
Financial services have always been an industry under heavy scrutiny from government regulations, given the high-stakes nature of the business. The rapid digitization of financial services fundamentally evolved the regulatory landscape, adding layers of complexity and risk. As the global financial ecosystem becomes more interconnected, regulations originating in one region can now also cascade across borders, impacting organizations worldwide.
This new reality means that simply complying with regional regulations is no longer sufficient — institutions are impacted by regulations going into place around the world, and must build comprehensive risk management programs that anticipate and adapt to international regulatory frameworks. For example, if your business is not located in a region governed by DORA, but your customers reside in the EU, or you’re doing business with EU-based organizations, you need to comply with their regulations.
Let’s explore five critical regulations reshaping TPRM programs worldwide, and what they mean for your organization.
5 Third-Party Risk Regulations Financial Institutions Must Know
1. DORA — Digital Operational Resilience Act (European Union) DORA represents the cornerstone of the EU’s push to strengthen digital resilience across financial services. The regulation mandates rigorous third-party cybersecurity risk assessments, requiring financial institutions to implement more proactive monitoring, thorough resiliency testing, and standardized reporting.
Key requirements:
- Conduct comprehensive risk assessments of ICT service providers
- Establish contractual requirements for incident reporting
- Test operational resilience through scenario-based simulation exercises
- Establish an EU oversight framework for critical third parties
Why it matters: DORA extends regulatory oversight to previously unregulated technology providers, dramatically expanding the scope of the work required to be compliant. Non-compliance can result in fines of up to 2% of total annual worldwide turnover.
Applies to:
- EU-based financial entities such as banks, insurers, and investment firms
- Global financial institutions serving EU customers, processing EU citizen data, or partnering with EU-based service providers
How ProcessUnity helps: Our platform’s automated assessment workflows and dedicated DORA compliance templates enable you to map your assessment data to the required questionnaires and controls to efficiently evaluate your ICT providers against EU requirements, while maintaining comprehensive documentation trails for auditors.
2. APRA CPS 230 — Operational Risk Management (Australia) The Australian Prudential Regulation Authority’s CPS 230 sets the global standard for service resilience and third-party accountability, emerging as a blueprint for organizations looking to strengthen their risk management practices beyond basic compliance.
Key requirements:
- Identify and manage operational risks, including third-party related risk
- Maintain and test business continuity plans
- Establish contractual arrangements with service providers
- Notify APRA of disruptions and service changes within a specified timeframe
Why it matters: CPS 230 introduces stringent accountability requirements that extend beyond direct suppliers, to fourth parties and beyond. Its influence is already spreading as regulators worldwide look to Australia’s approach as a model for their own frameworks.
Applies to:
- All APRA-regulated entities, including banks, insurers, and retirement funds
- International firms serving or partnering with APRA-regulated institutions
How ProcessUnity helps: Our platform enables fourth-party risk visibility and relationship mapping, allowing you to identify cascading dependencies and fulfil CPS 230’s comprehensive monitoring requirements through automated assessments and continuous control validation.
3. CSDDD — Corporate Sustainability Due Diligence Directive (European Union) The CSDDD fundamentally transforms supply chain oversight by monitoring the impact companies have on the environment and human rights. It holds organizations directly accountable for the actions of their third parties, enforcing ethical and sustainable business practices across entire supply chains.
Key requirements:
- Identify and mitigate environmental and human rights risks along the supply chain
- Integrate due diligence into risk management policies
- Report publicly on due diligence efforts
Why it matters: While CSDDD no longer includes explicit personal liability as it did in earlier drafts, it introduces a comprehensive civil liability framework for companies that fail to implement adequate due diligence processes, making ESG risk management an executive-level priority with significant legal implications.
Applies to:
- Large EU companies
- Non-EU companies operating in the EU that meet certain standards
- Financial institutions contracted by CSDDD-covered entities may be asked to prove responsible business conduct, even if they do not fall directly under the regulation’s scope
How ProcessUnity helps: Our ESG assessment framework and specialized questionnaire library allow you to efficiently evaluate third parties and map current assessments against CSDDD criteria, while our reporting engine generates comprehensive disclosures that satisfy both regulatory requirements and stakeholder expectations.
4. LkSG — Lieferkettensorgfaltspflichtengesetz (Germany Supply Chain Due Diligence Act) Germany’s LkSG serves as a national counterpart to the CSDDD, mandating supply chain ethics, sustainability, and transparency for firms with German-based operations or customers — often with more immediate and stringent enforcement mechanisms.
Key requirements:
- Conduct risk analyses on direct and indirect suppliers
- Take preventive and corrective measures
- Establish accessible complaint avenues
- Document and report due diligence annually
Why it matters: As one of the first major sustainability regulations to take effect, LkSG provides crucial insights into how similar frameworks will be enforced. Organizations that master LkSG compliance gain a significant advantage in preparing for broader EU requirements.
Applies to:
- Financial institutions that operate in Germany or provide services to German companies
How ProcessUnity helps: Our platform’s configurable risk models and automated supplier categorization tools help you identify high-risk relationships under LkSG definitions and prioritize assessment resources accordingly, while maintaining the detailed documentation required for compliance.
5. ABAC – Anti-Bribery and Anti-Corruption Laws (Global) ABAC is not a single regulation, but a global framework that includes the U.S. Foreign Corrupt Practices Act (FCPA), UK Bribery Act, and similar legislations across multiple jurisdictions. For financial institutions operating internationally, ABAC compliance is non-negotiable, as even the appearance of non-compliance by a third party can trigger severe legal and reputational consequences.
Key requirements:
- Establish anti-bribery and -corruption controls
- Conduct thorough due diligence on third parties
- Maintain transparent documentation of third-party engagements
- Investigate and report on incidents efficiently and proactively
Why it matters: ABAC violations can result in stiff penalties for financial institutions, often reaching millions or even billions of dollars for large firms. More importantly, they trigger enhanced scrutiny that can impact operations across multiple jurisdictions for years following an incident.
Applies to:
- All financial institutions that operate internationally
How ProcessUnity helps: Our platform’s enhanced due diligence workflows and continuous monitoring capabilities enable you to identify potential ABAC red flags before they escalate into violations, while maintaining the audit-ready documentation necessary to demonstrate compliance efforts to investigators.
Building Resilience in a Borderless Risk Environment
As regulatory borders continue to dissolve, financial institutions must fundamentally transform their approach to compliance. Leading organizations are adopting a global mindset — supported by purpose-built technology that can scale, automate, and evolve with the shifting regulatory landscape.
ProcessUnity’s Third-Party Risk Management Platform and Global Risk Exchange deliver the tools you need to navigate this complex environment without expanding your budget, including:
- Centralized compliance management: Streamline adherence to all five regulatory frameworks from a single, unified platform
- Automated risk assessments: Deploy standardized or customized questionnaires to efficiently evaluate vendors against multiple regulatory requirements
- Real-time risk visibility: Access comprehensive dashboards that provide instant insights into your organization’s risk posture
- Flexible reporting: Generate regulation-specific reports that satisfy auditor and stakeholder requirements
- Continuous monitoring: Identify emerging risks and compliance gaps before they impact your business
Elevate your regulatory readiness
Don’t wait for regulatory consequences to expose gaps in your third-party risk management program.
Request a demo to see how ProcessUnity’s solutions can transform your compliance approach, enhance operational resilience, and protect your organization in today’s borderless risk environment.
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Risk exposure is indiscriminate. Whether you are a large multinational, a non-profit institution, an agency..
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A Roadmap for Implementing Product and...
“Benefit plan providers are turning to Offer Management initiatives and systems to reduce risk, cost..
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Plan Providers: Use Offer Management to...
In today’s intensely competitive benefit plan market, getting your teams aligned creates a dramatic competitive..
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Does Your Pre-Contract Due Diligence Leave...
Today’s global, digital economy opens up a world of opportunities—and a whole new world of..
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Welcome to the ProcessUnity Blog
On behalf of the ProcessUnity team, I am excited to welcome you to the new..
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ProcessUnity is a leading provider of cloud-based applications for risk and compliance management. The company’s software as a service (SaaS) platform gives organizations the control to assess, measure, and mitigate risk and to ensure the optimal performance of key business processes. ProcessUnity’s flagship solution, ProcessUnity Vendor Risk Management, protects companies and their brands by reducing risks from third-party vendors and suppliers. ProcessUnity helps customers effectively and efficiently assess and monitor both new and existing vendors – from initial due diligence and onboarding through termination. Headquartered outside of Boston, Massachusetts, ProcessUnity is used by the world’s leading financial service firms and commercial enterprises. For more information, visit www.processunity.com.