GRC (Governance, Risk, and Compliance) software is now essential for EU insurance providers to meet the strict requirements of DORA (Digital Operational Resilience Act), enforced as of January 2025. DORA focuses on ICT risk management, incident reporting, resilience testing, third-party risk, and information sharing. Non-compliance can result in fines up to €10 million or 2% of global revenue.
Key features of GRC software include:
- Automated Risk Monitoring: Tracks risks in real time.
- Compliance Reporting: Simplifies regulatory reporting (e.g., XBRL format).
- Incident Management: Streamlines ICT-related incident reporting.
- Vendor Management: Ensures third-party compliance and performance tracking.
- System Resilience Tools: Enhances digital operational resilience through testing and monitoring.
Popular platforms like MetricStream, DORApp, and ServiceNow offer tailored solutions for DORA compliance. Prices, features, and implementation complexity vary, with options starting at around $218 per user per month.
Quick Comparison:
| Platform | Key Features | Strengths | Limitations |
|---|---|---|---|
| MetricStream | Unified risk view, compliance tools | End-to-end management | Complex setup |
| DORApp | XBRL reporting, advanced security | Affordable, easy-to-use | Limited beyond DORA compliance |
| ServiceNow | Automated workflows, real-time insights | Strong integrations | Time-consuming setup |
| OneTrust | Third-party risk management | Comprehensive tools | Higher costs |
DORA compliance is also driving trends like AI for predictive compliance, blockchain for secure vendor management, and cloud-based GRC solutions for scalability. These innovations are reshaping how insurers approach risk and compliance in 2025.
DORA 2025
Key GRC Software Features for Insurance
Modern GRC software provides tools that help EU insurers meet DORA requirements. According to MetricStream, effective GRC solutions can boost risk reporting efficiency by 67% and cut compliance management timelines by 90%.
Risk and Compliance Tools
With cyber attacks increasing by 75%, insurers need tools that address these challenges effectively:
| Feature | Purpose | Impact |
|---|---|---|
| Automated Risk Monitoring | Tracks risk indicators in real time | 60% faster response to regulatory changes |
| Compliance Reporting | Generates reports in XBRL format | 90% reduction in compliance management time |
| Incident Management | Categorizes and reports ICT incidents | Simplifies reporting to authorities |
DORApp, a platform designed for DORA compliance, offers automated XBRL report generation and smart data integration for about $217.80 (200 EUR) per user monthly. This helps insurers keep their regulatory documentation accurate and up-to-date.
Managing vendor relationships is just as important as monitoring risks.
ICT Provider Management
Recent data breaches highlight the importance of managing ICT providers effectively. Essential features for this include:
- Contract Management: Automates tracking of vendor agreements and compliance statuses.
- Risk Assessment: Monitors third-party risk profiles continuously.
- Performance Metrics: Provides real-time dashboards for tracking vendor performance.
System Resilience Tools
System resilience tools are crucial for preventing and managing disruptions. Over the past 20 years, cyber incidents have caused $12 billion in direct losses within the financial sector. These tools help by enabling:
- Continuous Monitoring: Tracks system performance and security metrics in real time.
- Incident Response: Automates workflows for handling and reporting ICT-related events.
- Testing Capabilities: Supports regular testing to ensure digital operational resilience.
These tools not only address regulatory requirements but also enhance operational efficiency. For example, a Fortune 1000 insurance company improved decision-making and achieved an 80% reduction in supplier onboarding time by adopting MetricStream's integrated risk and regulatory management tools. This demonstrates the efficiency gains possible with modern GRC solutions.
GRC Software for DORA Compliance
Specialized platforms are stepping up to meet the requirements outlined by DORA. Many of these platforms combine traditional Governance, Risk, and Compliance (GRC) tools with features tailored for DORA compliance. For example, MetricStream, named a Leader in The Forrester Wave™: Governance, Risk, and Compliance Platforms Q4 2023, integrates DORA compliance into its broader GRC capabilities.
Valiantys introduced its GRC Solution in November 2024, focusing on automated compliance management for DORA. Nathan Chantrenne, Chief Solutions Officer at Valiantys, highlights their commitment:
"At Valiantys, we are committed to delivering future-driven innovation, and this new solution, developed in close partnership with Lansweeper, HYCU, and Appfire, is a testament to that vision".
Another option, DORApp, offers features like XBRL-compliant report generation, advanced security tools such as multi-factor authentication and geo-fencing, and intelligent data handling. Its Enterprise plan is priced at around $218 per user per month.
Software Comparison
| Platform | Key DORA Features | Strengths | Limitations |
|---|---|---|---|
| 3rdRisk | Ready-to-use DORA plan, automated assessments | Easy setup, user-friendly design | Not a full GRC suite |
| OneTrust | Third-party risk management, compliance automation | Comprehensive tools, intuitive UI | Higher implementation costs |
| ServiceNow | Automated workflows, real-time insights | Strong integration capabilities | Setup can be time-consuming |
| SAI360 | Complete risk view, incident management | End-to-end process management | Complex implementation |
Implementation Examples
These platforms are already making an impact. Zurich Insurance, for instance, has seen improved compliance insights, policy awareness, and faster regulatory responses after adopting MetricStream's BusinessGRC products.
3rdRisk has transformed approaches to third-party risk management, addressing a critical issue - 70% of organizations have historically under-invested in supplier risk assessments. Dave van Gulik from Trust Alliance shares:
"3rdRisk is our go-to platform for third-party risk and compliance management. Why? Because it's based on the latest standards in our field, highly flexible, intuitive, and pleasant to work with".
The collaboration behind Valiantys' GRC Solution also underscores the value of integrated compliance strategies. Subbiah Sundaram, SVP of Product at HYCU, notes:
"We're proud to contribute our data protection expertise to this innovative GRC solution. Our partnership with Valiantys, Appfire, and Lansweeper allows us to offer customers a seamless, integrated approach to meeting DORA's stringent requirements".
Modern GRC platforms bring features like real-time risk tracking, AI-powered reporting, automated workflows, and integrated ESG metrics. With DORA enforcement starting January 17, 2025, insurance providers are increasingly turning to these advanced tools to ensure effective compliance and risk management.
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How to Choose and Use GRC Software
Requirements Analysis
Start by identifying your specific needs for Governance, Risk, and Compliance (GRC) software. When reviewing potential solutions, focus on these key features:
- IT Risk Monitoring: Tools for automated monitoring of ICT systems.
- Incident Reporting: Capabilities for clear communication and automated reporting.
- Digital Resilience Testing: Functions that align with DORA testing standards.
- Third-Party Risk Management: Oversight tools for managing ICT service providers.
For example, Guidewire's use of MetricStream highlights how separating risk issues can lead to quicker assessments and better engagement with stakeholders.
Once you've chosen a solution, ensure a structured setup process and thorough training to maximize its effectiveness.
Setup and Training
Zurich Insurance's rollout of MetricStream BusinessGRC products is a great example of a phased approach. Their strategy cut compliance processing time, increased policy awareness, and improved real-time risk tracking.
Training plays a crucial role in successful implementation. It should be tailored to specific roles and cover all necessary aspects to meet DORA compliance standards. Here's a helpful training framework:
| Training Component | Duration | Focus Areas | Outcome Metrics |
|---|---|---|---|
| Executive Overview | 4 hours | Strategic benefits, oversight tools | Leadership adoption rate |
| User Training | 2 days | Daily operations, reporting features | Task completion efficiency |
| Technical Setup | 1 week | System integration, customization | Integration success rate |
| Compliance Workshop | 3 days | Regulatory requirements, risk analysis | Compliance accuracy |
After setup, ongoing maintenance ensures the software stays effective and compliant.
Software Maintenance
Maintaining GRC software involves keeping up with both regulatory changes and system updates. To meet DORA requirements, regular audits and updates are essential.
U-centrix's DORApp platform is a strong example of effective maintenance. It offers continuous updates, automated compliance reporting, and real-time data enrichment from public sources.
For the best results, follow these maintenance practices:
- Automate monitoring of regulatory updates to stay current.
- Conduct quarterly system audits to ensure everything runs smoothly.
- Keep detailed documentation of customizations for easier troubleshooting.
- Schedule regular training refreshers to keep users informed and skilled.
GRC Software Trends 2025
AI in Compliance Management
AI is reshaping compliance management in 2025, improving predictive accuracy by 20% compared to older methods.
In January 2025, Profile Software's AI.Adaptive platform showcased how AI can simplify DORA compliance. The platform scans contracts, identifies regulatory gaps, and provides actionable insights, significantly cutting down manual review time.
"Innovation lies at the heart of our strategy. With the new solution in the AI.Adaptive platform, we empower our clients to ensure DORA compliance effectively and economically, accelerating the process and mitigating associated risks. We are proud to offer a solution that enhances resilience and competitiveness for organisations in the financial sector." - Mr. Evangelos Angelides, Chief Executive Officer at Profile
Some standout performance metrics include:
- 90% reduction in detection times
- 60% faster recovery speeds
- 30% increase in anomaly detection accuracy
While AI boosts efficiency, blockchain is stepping in to enhance security in GRC solutions.
Blockchain Security Features
Blockchain is playing a crucial role in meeting DORA's ICT third-party risk management requirements. For instance, Allianz has used blockchain to streamline international auto insurance claims, speeding up settlements and cutting costs. Similarly, Nationwide Insurance has implemented the RiskBlock Alliance platform to simplify proof of insurance verification.
"Blockchain automates claims processing, cuts labor, and accelerates service delivery. Enhanced transparency is another major advantage, as all parties have access to a single, immutable version of transaction data." - Shaun Richards, Head of Enterprise Architecture, Towergate Insurance
This focus on blockchain comes as cyber attacks surged by 75% by Q3 2024, with the average cost of a data breach now hitting $4.5 million.
Cloud-Based GRC Solutions
Cloud solutions are also transforming GRC, offering the scalability and security needed for DORA compliance. By 2025, 90% of insurers have adopted cloud technologies, up from 70% in 2018. Organizations report several benefits:
| Benefit | Impact |
|---|---|
| IT Infrastructure Cost Reduction | 27.4% per user |
| Cloud Spending Growth | Expected to rise from 17% to 45% of IT budgets by 2026 |
| Security Concerns | 59% of organizations highlight this as a key factor |
| AI-Driven Efficiency Gains | 34% report noticeable improvements |
DORApp is a great example of a cloud-based tool, offering automated XBRL reporting while maintaining tight security through multi-factor authentication and geo-fencing.
This growing shift toward cloud solutions aligns with DORA's focus on operational resilience. Together, AI, blockchain, and cloud technologies are setting a stronger foundation for the digital resilience EU insurers need under DORA.
Conclusion
The GRC market is projected to expand by $44.2 billion from 2025 to 2029, with companies like MetricStream leading the way in unified risk management. This growth highlights the importance of effective GRC tools for maintaining operational resilience. To stay ahead, organizations need to take decisive steps.
Action Steps
To navigate the shifting compliance landscape, consider these steps to refine your risk management strategy:
1. Evaluate Current Infrastructure
Start by assessing your existing systems in light of DORA's requirements. Look for opportunities to centralize risk data and enable real-time monitoring through a unified platform.
2. Select Appropriate Solutions
When choosing GRC software, focus on these key criteria:
| Selection Criteria | Implementation Focus |
|---|---|
| Unified Risk View | Centralized dashboard for compliance data |
| Integration Capability | Smooth compatibility with existing systems |
| Automation Features | Tools for evidence collection and control testing |
| Customization Options | Flexible workflows and reporting tools |
| Security Measures | Multi-factor authentication and geo-fencing |
After selecting the right solution, ensure the implementation process is efficient and well-planned.
3. Prepare for Implementation
"Technology is the foundation for driving connected risk by bridging the risks the company cares most about to the activities of the three lines; specifically via a dashboard and heatmap".
4. Build Future-Ready Capabilities
Develop modular compliance frameworks that can adjust to new regulations without requiring major overhauls. This approach aligns with the GRC platform market's expected 14.2% annual growth rate, signaling an increased focus on advanced compliance solutions.
Strategic use of GRC software isn't just about meeting compliance requirements - it can turn compliance into a competitive advantage. Through automation, detailed reporting, and continuous monitoring, organizations can transform risk management into a powerful asset.
