Solution
German Supply Chain Act (LkSG)
Our third-party risk management, internal control, and compliance management solutions are tailored to help you comply with the German Supply Chain Act (Lieferkettensorgfaltspflichtengesetz, LkSG) with efficiency and ease.
3 most common challenges and our solutions
Human rights and environmental risks
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 human right and environmental risks within the supply chain is not simple, but essential considering evolving threats and the third-party due diligence requirements stated in the German Supply Chain Act (Lieferkettensorgfaltspflichtengesetz, LkSG). Many organisations struggle to promptly identify, assess, manage and monitor human rights and environmental risks at their third parties.
TPRM module
The 3rdRisk TPRM module keeps a real-time watch over your third-party landscape, ensuring you’re always in the know and meet the third-party due diligence requirements from the German Supply Chain Act. Should any human rights or environmental 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.
Managing the rising compliance workload
In today’s rapidly evolving digital landscape, risk professionals are confronting an unprecedented challenge: the escalating complexity and volume of compliance tasks. Additionally, in our 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 human rights and environmental risks and meeting the LkSG rules.
TPRM as a service
For businesses seeking operational assistance in third-party risk management, particularly for LkSG compliance, we've partnered with leading experts in the field. These partners possess in-depth knowledge of the LkSG and are adept at utilising our platform's specialised module for third-party risk management to ensure full compliance 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.
Does the 3rdRisk platform support compliance with the German Supply Chain Act (LkSG)?
Absolutely. Our platform's Third Party Risk Management (TPRM) Module is designed with the German Supply Chain Act requirements in mind. It also comes with a best practice assessment template (questionnaire) which can be completely customised to your specific situation.
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.