Solution
DORA
Our third-party risk management, internal control, and compliance management solutions are tailored to help you comply with the Digital Operational Resilience Act (DORA) with efficiency and ease.
3 most common challenges and our solutions
Visibility, analysis and monitoring of third parties and associated ICT risks
Financial organisations nowadays do business with thousands of third parties. These third parties are increasingly involved in the execution of critical business processes. Keeping an overview of the entire third party landscape is not simple, but essential considering evolving threats and the requirements stated in the Digital Operational Resilience Act (DORA). Many organisations struggle to promptly identify, assess, manage and monitor (third-party) risks.
TPRM module
Our TPRM module keeps a real-time watch over your third-party landscape, ensuring you’re always in the know and meet the ICT third-party risk management requirements mandated by DORA. Should any concern or issue arise with any of your third parties, the platform promptly alerts you, empowering you to take timely and informed actions. Beyond that, smart automation is used to engage and unburden internal stakeholders and third parties with third-party risk management activities. It streamlines the third-party due diligence process by automating tasks like dispatching and analysing self-assessments.
Engaging stakeholders with risk management activities
Effective internal control and risk management are foundational for an organisation’s profitability and success. However, engaging internal teams in these processes can be challenging due to a lack of understanding, inadequate communication, or resistance to change. A user friendly platform that promotes awareness and action is needed to obtain a comprehensive understanding of the internal control environment and timely remediate any issues.
Internal Control module
Our Internal Control module fosters a culture of accountability and awareness by providing an intuitive and collaborative environment where teams can easily perform internal control and risk management activities. It encourages teams to actively participate in the risk management process by leveraging gamification elements and using modern communication channels such as Microsoft Teams and Slack.
Lack of a skilled third-party risk management capability for DORA compliance
In today's fast-paced and highly competitive labor market, securing risk professionals can be both challenging and expensive. This is especially true as organisations grapple with challenges across various risk domains, striving to mitigate emerging risks and manage the rising number of compliance requirements. Many organisations have little or no capacity for conducting third-party risk management.
TPRM as a service
For organisations that choose to manage DORA compliance in house, our solution acts as an intuitive platform, streamlining third-party due diligence 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. For organisations that are inclined to outsource these tasks, we have established partnerships with renowned partners who have a deep understanding of NIS-2 and excel in leveraging our platform’s capabilities to comply with this regulation.
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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.
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.
Can I identify and manage concentration risks within 3rdRisk?
Yes, you can quickly assess whether an existing or new third-party relationship poses a concentration risk within 3rdRisk. Furthermore, the 3rdRisk platform comes with various options to visualise the supply chain and aid decision making. You can also easily register an issue or risk that associated with a third-party relationship.
Can I define important and critical functions within 3rdRisk?
Yes, the 3rdRisk platform allows you to upload your organisation (such as organisation hierarchy, functions, key services, processes) and indicate if it is important or critical to you based on predefined set of criteria.
