Solution
Business continuity
Our third-party risk, internal control, and compliance solutions are designed to support business continuity management professionals with identifying, analysing, mitigating and monitoring continuity risks.
3 most common challenges and our solutions
Disruptions caused by third-party failure
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. The interdependencies of modern business ecosystems mean that a single vendor's issues can lead to significant disruptions.
TPRM module
Our intuitive, multidisciplinary TPRM module allows you to manage and mitigate continuity risks. It keeps a real-time watch over your third-party landscape, ensuring you’re always in the know. Should any concern or issue arise with any of your third parties, the 3rdRisk platform promptly alerts you, empowering you to take timely and informed actions. Beyond that, It streamlines the third-party due diligence process by automating tasks like dispatching and analysing self-assessments. For organisations that are inclined to outsource third-party risk management, 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.
Internal and regulatory continuity requirements
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 and undermine stakeholder trust. Traditional spreadsheet methods and inflexible GRC platforms fall short in elucidating the significance of business continuity management activities and in assisting stakeholders in executing their responsibilities effectively.
Internal Control module
The 3rdRisk Internal Control module is designed to seamlessly manage all relevant internal and external business continuity requirements. By automating internal control testing, we streamline adherence, reduce manual errors, save time, and ensure that your organisation is consistently in line with both internal policies and external regulatory requirements. Our platform's flexibility allows for swift updates as regulations evolve, keeping you ahead of the compliance curve.
Timely follow-up and management reporting
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. In addition, collating this information into comprehensive management reports can be a time-consuming process that requires meticulous attention to detail and a lot of manual work.
Internal Control module
Our Internal Control module simplifies the follow-up process through automated tracking and scheduling of remedial actions. The system intuitively integrates follow-ups into the daily workflow, ensuring that no critical action falls through the cracks. Management reporting is enhanced with customisable templates and interactive visualisations, which translate complex datasets into clear, actionable insights. This enables management to stay informed, prioritise resources effectively, and uphold accountability across all levels of the organisation. With our solution, follow-up activities become a seamless aspect of your operational routine, driving continuous improvement and compliance.
Mitigating disruptions: 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 having a dedicated team?
Yes. By using the TPRM module of the 3rdRisk 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 or internal control 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 internal control or 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.