Solution
Action plan management
Our cloud-based risk management platform is meticulously crafted to assist risk and compliance professionals in efficiently managing the extensive array of action plans generated from third-party and internal control assessments.
3 challenges
#1. Amount of manual work involved
One of the primary challenges in third-party risk management is the significant amount of manual work required to track progress, update action items, and communicate updates. This labor-intensive process can lead to inefficiencies, increased risk of errors, and delays in execution.
#2. Maintaining oversight across different teams
Action plans often span multiple teams and departments, each with its own priorities, workflows, and timelines. Maintaining a cohesive oversight across these diverse teams to ensure the action plan remains on track is a significant challenge.
#3. Keeping stakeholders engaged
Ensuring continuous engagement from all stakeholders involved in the action plan is crucial yet challenging. Stakeholders may vary in their level of interest or investment in the plan's outcomes, leading to varying degrees of responsiveness and involvement. Developing strategies to keep stakeholders informed, involved, and motivated throughout the lifecycle of the action plan is essential for its success.
Key benefits
- Align with best-practices
- Streamline processes
- Improve stakeholder engagement
- Standardise reporting
- Improve decision-making
3 common challenges
and our solutions
#1. Amount of manual work involved
One of the primary challenges in third-party risk management is the significant amount of manual work required to track progress, update action items, and communicate updates. This labor-intensive process can lead to inefficiencies, increased risk of errors, and delays in execution.
#2. Maintaining oversight across different teams
Action plans often span multiple teams and departments, each with its own priorities, workflows, and timelines. Maintaining a cohesive oversight across these diverse teams to ensure the action plan remains on track is a significant challenge.
#3. Keeping stakeholders engaged
Ensuring continuous engagement from all stakeholders involved in the action plan is crucial yet challenging. Stakeholders may vary in their level of interest or investment in the plan's outcomes, leading to varying degrees of responsiveness and involvement. Developing strategies to keep stakeholders informed, involved, and motivated throughout the lifecycle of the action plan is essential for its success.
Our action plan management features
Our platform features a central action plan register, consolidating all your action plans in one accessible location. This repository ensures that every corrective step and strategic measure is documented and managed cohesively, providing a single source of truth for all risk management activities.
Facilitate efficient communication and collaboration with our platform's integration with Microsoft Teams. This feature allows for seamless discussion and coordination on action plans, ensuring that all team members are aligned and informed and can initiate action directly from a Microsoft Teams chat.
Our activity center outlines all pending tasks for the current week, the following week, and beyond. This proactive tool ensures you can prioritise effectively, stay on top of upcoming responsibilities, and maintain steady progress on your action plans and other tasks.
With our workload visualisation feature, you get a clear graphical representation of your team's tasks and responsibilities. This visual insight into workload distribution helps you manage resources efficiently, ensuring that no individual or team is overburdened and all actions are advancing on schedule.
.svg)
Third-party risk management in manufacturing: Building a resilient supply chain
Navigating third-party risks in energy & utilities
The role of procurement in third-party risk management
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.
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 frameworks and NIST standards 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.