Solution
CSDDD
In an era where sustainability and ethical practices are not just valued but mandated, the Corporate Sustainability Due Diligence Directive (CSDDD) presents significant challenges and opportunities for businesses. At 3rdRisk, we offer a tailored solution that not only helps you navigate the complexities of CSDDD compliance but also turns these challenges into strategic advantages for your organisation.
3 challenges
#1. ESG due diligence
Ensuring thorough due diligence that encompasses not just financial risks but also look at environmental and social impacts.
#2. Supply chain visibility
Achieving complete visibility and control over complex supply chains to ensure compliance with sustainability standards.
#3. Risk management
Identifying and managing the risks associated with non-compliance or sustainability failures in the business and its supply chain.
Key benefits
- Align with best-practices
- Streamline processes
- Improve stakeholder engagement
- Standardise reporting
- Improve decision-making
3 common challenges
and our solutions
#1. ESG due diligence
Ensuring thorough due diligence that encompasses not just financial risks but also look at environmental and social impacts.
#2. Supply chain visibility
Achieving complete visibility and control over complex supply chains to ensure compliance with sustainability standards.
#3. Risk management
Identifying and managing the risks associated with non-compliance or sustainability failures in the business and its supply chain.
Our features to simplify & automate compliance
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 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.
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.
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.
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.
Consolidate remediation actions across all internal teams and third-parties within a unified action plan repository. Assign ownership through our platform and Microsoft Teams. Set and adjust timelines for each action, with reminders to keep progress on track via our platform's virtual officer, e-mail and Teams. Visual indicators offer status updates, simplifying oversight.
For organisations with limited time or resources for third-party risk management, we have formed partnerships with esteemed experts in the field. These partners can fully manage the entire third-party risk management process for you, encompassing risk profiling, due diligence, and real-time monitoring, by using our fit-for-purpose platform. Schedule a conversation.
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Sustainability expert Wouter Botzen on managing ESG-related supply chain risks
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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.
How does the platform identify and manage sustainability risks?
Our platform offers robust risk assessment tools that help in identifying and evaluating sustainability risks. It also provides strategies for mitigating these risks, ensuring proactive management and compliance with CSDDD and the CSRD.
Can 3rdRisk help in managing supply chain sustainability under CSDDD?
Absolutely. Our platform provides tools for deep supply chain analysis, enabling you to monitor and ensure that every component of your supply chain adheres to sustainability standards, which is crucial under the CSDDD.
How does 3rdRisk assist in meeting CSDDD requirements?
3rdRisk provides a comprehensive solution that integrates ESG factors into due diligence processes. Our platform helps in identifying, assessing, and mitigating risks related to environmental, social, and governance aspects, ensuring your business meets CSDDD compliance.
What is the CSDDD and how does it impact my organisation?
The CSDDD is a directive focused on ensuring that companies conduct thorough due diligence on environmental and social risks in their operations and supply chains. It impacts organisations by requiring them to identify, prevent, and mitigate the adverse impacts of their activities on human rights, the environment, and good governance.
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.