Solution
Public services
Our third-party risk, internal control, and compliance management solutions are designed to address the specific challenges of the public services 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. NIS-2, 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 Network and Information Security Directive (NIS-2) 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 TPRM module 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 NIS-2 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.
Starting with third-party risk management (1): How to set up your capability?
Starting with third-party risk management (2): How to define your requirements?
Starting with third-party risk management (3): How to create your catalogue?
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.
Why should I comply with NIS-2?
For organisations that fall under NIS-2, compliance is a critical task. Non-compliance with NIS-2 could result in substantial fines, up to 2% of the annual turnover. More importantly, adhering to NIS-2 guidelines is essential to ensure digital security and prevent cyberattacks. NIS-2 mandates organisations to elevate their digital security and adapt to the growing threats of cybercrime.
What sectors are in scope of NIS-2?
NIS-2 targets entities operating in critical sectors such as energy, transportation, healthcare, and financial services, but also other sectors crucial to the ongoing function of the economy and society:
- Healthcare
- Transport
- Digital infrastructure
- Water supply
- Energy
- Digital service providers
- Data centers
- Providers of public electronic communication services
- Water management
- Manufacturing of medical devices and chemicals
- Food
- Space
- Postal administration
- Public administrations
What is NIS-2?
NIS-2 legislation builds on previous NIS regulations and aims to enhance the security of network and information systems within the European Union. This requires member states to identify and implement appropriate security measures. The primary objective? Reduce cyberattack risks and limit their impact.