Solution
Financial services
Our third-party risk, internal control, and compliance management solutions are designed to address the specific challenges of the financial sector, ensuring effective risk management, regulatory compliance, and operational efficiency.
3 most common challenges and our solutions
Protecting the organisation against third-party and supply chain risk
In an increasingly interconnected world, organisations extend their operations through collaborations with third parties. While these collaborations often lead to enhanced efficiency and competitiveness, they also expose organisations to various risks such as data breaches, supply chain disruptions, sustainability violations, legal liabilities and reputation damage. Managing and mitigating these risks is a daunting task, as it requires continuous insight into the entire third-party landscape and capabilities for due diligence and real-time monitoring.
TPRM module
Our intuitive, multidisciplinary platform allows you to manage and mitigate all types of third party risks, from cyber and sustainability to compliance and continuity. 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 TPRM module 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.
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.
Ensuring compliance to current and upcoming regulatory requirements (e.g. DORA, CSRD)
With the constantly evolving regulatory landscape, ensuring compliance with both internal policies and external regulatory requirements can be challenging. The varying regulations across different geographies and emerging requirements from the Digital Operational Resilience Act (DORA) and the Corporate Sustainability Reporting Directive (CSRD), amongst others, further complicate the compliance management process. Ensuring compliance with these regulations is a daunting task, as non-compliance can lead to fines and reputational damage.
TPRM module
Our easy-to-use platform allows you to manage all internal and regulatory compliance requirements, from cyber and ESG to compliance and safety. It assists you in efficiently and effectively performing third-party self-assessments as mandated by the DORA and CSRD. Do you want to go deeper? As a provider agnostic platform, you can request a third-party (i.e. supplier, vendor, customer) screening or due diligence from our renowned partners directly from our platform, ensuring you have all data consolidated and auditable in one centralised hub. For organisations lacking the resources for compliance management, we have established partnerships with renowned partners who excel in leveraging our platform’s capabilities allowing them to deliver high-quality output at a competitive price.
Building a resilient cybersecurity ecosystem: Best practices for CISOs
Mastering DORA compliance: Key requirements and solutions
How to deal with supply chain security in the financial industry?
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.
What makes the 3rdRisk different from a TPRM module from a traditional GRC solution provider?
The 3rdRisk TPRM module distinguishes itself from traditional GRC solutions through several key features and approaches:
- Intuitive user interface: The module is designed with an intuitive interface, making it user-friendly and accessible. This contrasts with many traditional GRC tools, which can be complex and require extensive training.
- Real-time monitoring and analytics: 3rdRisk's TPRM module offers advanced real-time monitoring and analytics capabilities. This enables more proactive risk management, as opposed to the often reactive nature of traditional GRC solutions.
- Multidisciplinary integration: Unlike traditional solutions that may focus on specific risk areas, the 3rdRisk TPRM module integrates various risk domains (such as financial, cyber, compliance) for a comprehensive risk assessment.
- Automated aue diligence and AI analysis: The module automates the due diligence process and employs AI for analyzing reports and assessments, streamlining workflows and improving accuracy. Traditional GRC tools may not offer such advanced automation and AI capabilities.
- Flexible integrations with existing systems: 3rdRisk's TPRM module is built for seamless integration with a variety of existing systems, enhancing its utility and ensuring it complements rather than replaces current processes.
- Customisation and branding: The module allows for a high degree of customization, including custom domains and email templates. The due-diligence portal for third parties can also be branded to match the client organization’s identity, a feature not commonly found in traditional GRC tools.
- User-centric design and approach: The focus on user experience is central to the 3rdRisk TPRM module. It's designed not just as a tool but as a solution that fits into and enhances the user's workflow.
By combining these innovative features with a user-centric design, the 3rdRisk TPRM module provides a modern, efficient, and effective alternative to traditional GRC solutions.
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.
Does 3rdRisk integrate with procurement systems?
Yes, our platform has (API) integrations with the most commonly used procurement system, like SAP ARIBA, Coupa or Oracle.
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.
