Retail
Our cloud-based risk platform is designed to address the specific challenges of the retail sector, ensuring effective risk management, regulatory compliance, and operational efficiency.
3 challenges
#1. Continuity risks
Retailers face significant risks related to disruptions in their supply chain, impacting their ability to operate. These disruptions can be due to various factors such as disasters, geopolitical issues, or supplier insolvency.
#2. Dynamic operations
Retailers encounter challenges in managing internal controls, given their diverse and dynamic operations. They must handle multiple locations, varied inventory systems, fluctuating demands, and compliance.
#3. Supply chain risks
The complex, global nature of retail supply chains introduces various risks including quality control issues, compliance challenges, logistical disruptions and various security concerns.
Key benefits
- Align with best-practices
- Streamline processes
- Improve stakeholder engagement
- Standardise reporting
- Improve decision-making
3 common challenges
and our solutions
Our integrated platform for retail
Register internal and external risks. Link risks to a specific third-party, internal control(s) and/or location within your organisation. Follow the ISO 31000 best-practice workflow containing of risk identification, assessment, treatment and monitoring. Use the interactive risk matrix to easily filter different risk disciplines and scores.
One integrated register for all your internal & external compliance requirements Use it to manage compliance requirements for security, sustainability, privacy, legal, quality and many others. Define a specific scope & applicability per compliance requirement and link them to one or more assessment questionnaires. Monitor compliance in real-time.
One integrated register for all your third parties. Register multiple contracts per third-party. Assign risk profiles to segment your landscape, taking into account multiple risk domains such as cybersecurity, sustainability and compliance. Connect with your procurement system to retrieve and enrich your supplier data.
Integrate the different third-party assessment efforts of all your risk and compliance disciplines. Combine questionnaires from different risk disciplines into one third-party assessment. Suppliers log in to a secure supplier portal in which they can collaborate and provide their evidence. Our AI-powered review module makes an initial analysis.
Our AI tool analyses SOC-2 attestation and ISO certificates, identifying the applicability and key areas that require attention. This AI-powered evidence analysis streamlines the review process, ensuring that critical insights are taken from complex compliance documents, and enhancing the accuracy of your third-party due diligence process. And not insignificantly: it reduces the time required to analyse these reports by more than 90%.
Continuously monitor your third-parties in 2 million news sources and receive instant alerts on negative news articles. Activate our out-of-the-box integrations with BitSight, SecurityScorecard, Ecovadis, Refinitif and many others to retrieve your third-parties' security, sustainability, financial or compliance risks ratings in one central overview.
Our platform enables you to register, track and manage the action plans of your third-parties, ensuring that any identified risks are effectively managed and resolved. This feature allows for the documentation of action plans, assigning responsibilities, and setting deadlines for risk mitigation activities. Our integration wit Microsoft Teams ensures that your internal teams will be notified mmediately about new action plan and changes through a Teams message.
Equipped with best-practice reporting templates, our platform incorporates AI to assist in generating comprehensive summaries of the entire assessment process. This advanced reporting capability ensures that you have a clear, actionable understanding of your third-party risk landscape, facilitating informed decision-making and strategic risk management. Our best practice reporting templates include visuals such as bar charts and spider diagrams and can be branded to reflect your corporate identity. Data can be exported to PDF and Excel based on your specific needs.
FAQ
In the overview below, we have listed the most frequently asked questions and answers. Do you still have questions? Just reach out to one of our experts.
Do you have best practice templates specifically for retailers?
Yes, we offer a range of best practice templates tailored for the retail sector. These templates are designed to streamline your internal control and third-party risk management processes, ensuring they align with industry-specific needs and standards.
Can I effectively manage third-party risks with 3rdRisk without a dedicated team?
Yes. By using our third-party risk platform, you can already assess and monitor up to 100 third parties with only a few hours a week. In addition, you can also decide to outsource third-party risk management activities. For organisations that are inclined to outsource these tasks, we have established partnerships with renowned partners who are well-versed in leveraging our platform’s capabilities allowing them to deliver excellent quality at a competitive price.
Do I need training to operate the 3rdRisk platform?
No. No training or certification is required to operate the 3rdRisk platform. For organisations that choose to manage their third-party risk management program in-house, our platform acts as an intuitive platform, streamlining processes and making follow-up and monitoring straightforward. Its design ensures that teams can quickly familiarise themselves with its features, reducing the learning curve and allowing for immediate implementation.