Axenia Reviews & Product Details

Axenia is a comprehensive platform designed to assist financial entities in achieving and maintaining compliance with the Digital Operational Resilience Act (DORA). It centralizes various compliance components into a unified system, facilitating efficient management and oversight. One of Axenia's core features is the Register of Information module. This tool enables organizations to compile and maintain their Register of Information in the xBRL-CSV format, adhering to the European Banking Authority's (EBA) standards. It performs 58 validation checks, including mandatory fields, Legal Entity Identifier (LEI) formats, and data completeness, ensuring the register's accuracy and readiness for regulatory submission. The platform also offers an automated Contract Analysis feature, which evaluates ICT contracts against the 15 clauses mandated by Article 30 of DORA. By analyzing contract texts, Axenia identifies compliance levels for each clause, highlighting areas that require attention before contract finalization or periodic reviews. For Third-Party Risk Management (TPRM), Axenia provides a structured evaluation process. It generates tailored questionnaires for each third-party provider and monitors public signals such as certificates and DNS configurations. This dual approach offers a comprehensive assessment of third-party risks, linking evaluations to relevant contracts and dependencies within the organization. Axenia's Dependency Mapping module visualizes the interconnections between business functions, IT assets, and third-party providers. This mapping helps identify critical dependencies and potential vulnerabilities, enabling organizations to proactively address points of fragility in their operations. To monitor compliance maturity, Axenia includes a Maturity Assessment tool based on a framework of 95 controls and 166 measures. Organizations can track their compliance status over time, with the ability to attach evidence to specific requirements, facilitating transparent reporting to regulators and internal stakeholders. In incident management, Axenia supports the classification and reporting of major incidents as required by DORA. It guides users through impact assessments, calculates notification deadlines, and generates the necessary reporting formats, ensuring timely and accurate communication with supervisory authorities. The platform's Prioritization Cockpit consolidates compliance data, providing a clear overview of coverage levels, critical third parties, incomplete contracts, missing evidence, and overdue actions. This feature enables organizations to prioritize tasks effectively and maintain continuous compliance. Axenia is designed to cater to various teams involved in DORA compliance, including compliance officers, risk managers, procurement and vendor management, IT security, IT operations, and internal audit. Each team can work within their specific domain while sharing a common data foundation, promoting collaboration and consistency across the organization. By integrating these features into a single platform, Axenia streamlines the compliance process, reduces the time and cost associated with maintaining DORA compliance, and enhances the organization's overall operational resilience.