Internal control
Our cloud-based risk platform is designed to simplify internal control testing, engage teams and deliver real-time insights for decisive management. Regardless of whether controls are carried out by third parties or internal teams, our platform ensures a streamlined, efficient experience.
3 challenges
#1. Regulatory compliance
In today’s complex regulatory environment, businesses face the significant task of keeping up with an ever-increasing array of internal policies, external regulatory demands and risks. Achieving compliance can be complex.
#2. Stakeholder engagement
One of the most significant hurdles in risk management is securing active engagement from internal stakeholders. It’s critical for team members to understand their role within internal controls.
#3. Risk mitigation
After identifying areas of risk or non-compliance, the subsequent challenge lies in effectively managing and tracking the follow-up activities that ensure issues are addressed timely and effectively.
Key benefits
- Align with best-practices
- Streamline processes
- Improve stakeholder engagement
- Standardise reporting
- Improve decision-making
3 common challenges
and our solutions
Our internal control testing features
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.
Our control library is a comprehensive repository where controls executed by internal teams and third parties are stored and managed. Each control includes a 'heartbeat' visual that graphically represents the effectiveness of the control over time, allowing you to monitor performance and ensure controls are functioning as intended.
The internal control assessment configurator offers you the flexibility to define the depth of your control testing. Tailor your approach to include only the first line of defence, incorporate validation by the second line, or extend to a full verification by the third line of defence, aligning with your organisation's risk strategy and governance structure.
Streamline your assessment process with our Internal Control Assessment Scheduler. This feature enables you to schedule control assessments efficiently and dispatch them in bulk, simplifying the coordination of large-scale control testing across multiple teams and departments.
Our platform's virtual assistant is at your service to expedite the internal control testing process. It assists by following up with individuals, chasing overdue tasks, and assigning new tasks to ensure that testing progresses smoothly and deadlines are met.
We have developed intuitive workflows for internal control testing in collaboration with business stakeholders to ensure they are user-friendly and relevant to business needs. These workflows guide stakeholders through the internal control testing process, ensuring clarity, efficiency, and stakeholder engagement.
Our Microsoft Teams integration effortlessly connects everyday users with internal stakeholders. This setup allows for direct task assignment to stakeholders, alongside immediate updates on progress, directly within Teams. Stakeholders can also start actions themselves. For a personal touch, organisations can use their mascot for communication in Teams, enhancing engagement and embedding their brand into the risk management process.
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 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.
Is it possible to customise privacy controls and permissions within 3rdRisk?
Absolutely. Our platform allows for customisation of privacy controls and user permissions, aligning with your organisation's specific privacy policies and requirements. This includes role-based access controls to ensure that sensitive data is only accessible to authorised personnel.
Can 3rdRisk provide case studies or examples of succesful implementations?
Yes, at 3rdRisk we have numerous customer success stories to share. On our website we have a dedicated section with a selection of customer success stories. Please reach out to us if you want to know more. We are eager to connect you directly with one of our esteemed clients, enabling you to gain insights and information from their firsthand experience.
Are industry standards like ISO and NIST available in 3rdRisk?
Absolutely. Our Content Hub includes a wide range of industry standards, including ISO frameworks and NIST standards. This provides you with ready access to authoritative compliance resources, streamlining your compliance management process.
Can 3rdRisk be integrated with existing systems and support custom domains?
Yes, our platform offers flexible integration with existing systems and supports custom domains, allowing for a cohesive and branded risk management experience. This feature enables organisations to maintain their brand identity while using our platform.