Solution
Internal control
Our Internal Control module is a pragmatic and intuitive solution designed to simplify internal control, engage teams and deliver real-time insights for decisive management. Dive into a world where risk management and internal control are seamlessly integrated into your daily operations, enabling you to uphold the highest standards of operational excellence and compliance.
3 most common challenges and our solutions
Ensuring compliance with a wide range internal and external requirements
In today’s complex regulatory environment, businesses face the significant task of keeping up with an ever-increasing array of internal policies and external regulatory demands. Achieving and maintaining compliance can be daunting, particularly when dealing with multiple jurisdictions and standards.
Internal Control module
Our Internal Control module is designed to be framework-agnostic, enabling you to seamlessly manage all relevant internal and external requirements. By automating internal control testing, we streamline adherence, reduce manual errors, 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. For controls that are implemented across various locations, systems, or processes, our platform offers the flexibility of utilising subcontrols to ensure comprehensive and cohesive management.
Engaging internal stakeholders with internal control activities
One of the most significant hurdles in risk management is securing active engagement from internal stakeholders. It’s critical for team members to understand their role within internal controls and to be motivated to participate in the execution and testing of controls. Traditional spreadsheet methods and inflexible GRC platforms fall short in elucidating the significance of internal control activities and in assisting stakeholders in executing their responsibilities effectively.
Internal Control module
To drive engagement, our Internal Control module offers intuitive workflows and bespoke dashboards that resonate with stakeholders. Your stakeholders are actively involved in internal control activities through our platform's virtual officer and Microsoft Teams integration. Our platform enables the utilisation of video content to articulate the critical nature of internal control activities and to provide stakeholders with comprehensive guidance on conducting effective testing. Our Internal Control technology is crafted to minimise barriers to engagement and is accessible in a multitude of languages, facilitating ease of use across diverse linguistic demographics.
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.
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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.
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.
