Solution
Business continuity
Our cloud-based risk platform is designed to support business continuity management professionals with identifying, analysing, mitigating and monitoring third-party continuity risks.
3 challenges
#1. Third-party disruptions
Third-party failures can strike at the core of your operations, with repercussions that ripple through the supply chain and affect customer satisfaction, revenue, and business reputation.
#2. Regulatory compliance
Regulatory landscapes are ever-changing, and compliance with business continuity requirements is not just a matter of legal necessity but a strategic imperative. Failing to comply can lead to substantial penalties.
#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
#1. Third-party disruptions
Third-party failures can strike at the core of your operations, with repercussions that ripple through the supply chain and affect customer satisfaction, revenue, and business reputation.
#2. Regulatory compliance
Regulatory landscapes are ever-changing, and compliance with business continuity requirements is not just a matter of legal necessity but a strategic imperative. Failing to comply can lead to substantial penalties.
#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.
Our solution for business continuity professionals
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.
The role of third-party risk management in business continuity
Building a resilient cybersecurity ecosystem: Best practices for CISOs
Third-party risk management in manufacturing: Building a resilient supply chain
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 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.
Can I perform a risk analysis on ICT services and service providers?
Yes, risk profile analysis can be done on a third-party level as well as a contract (ICT service) level.