Solution
Retail
Our cloud-based risk platform is designed to address the specific challenges of the retail sector, ensuring effective risk management, regulatory compliance, and operational efficiency.
3 challenges
#1. Continuity risks
Retailers face significant risks related to disruptions in their supply chain, impacting their ability to operate. These disruptions can be due to various factors such as disasters, geopolitical issues, or supplier insolvency.
#2. Dynamic operations
Retailers encounter challenges in managing internal controls, given their diverse and dynamic operations. They must handle multiple locations, varied inventory systems, fluctuating demands, and compliance.
#3. Supply chain risks
The complex, global nature of retail supply chains introduces various risks including quality control issues, compliance challenges, logistical disruptions and various security concerns.
Key benefits
- Align with best-practices
- Streamline processes
- Improve stakeholder engagement
- Standardise reporting
- Improve decision-making
3 common challenges
and our solutions
#1. Continuity risks
Retailers face significant risks related to disruptions in their supply chain, impacting their ability to operate. These disruptions can be due to various factors such as disasters, geopolitical issues, or supplier insolvency.
#2. Dynamic operations
Retailers encounter challenges in managing internal controls, given their diverse and dynamic operations. They must handle multiple locations, varied inventory systems, fluctuating demands, and compliance.
#3. Supply chain risks
The complex, global nature of retail supply chains introduces various risks including quality control issues, compliance challenges, logistical disruptions and various security concerns.
Our integrated platform for retail
Register internal and external risks. Link risks to a specific third-party, internal control(s) and/or location within your organisation. Follow the ISO 31000 best-practice workflow containing of risk identification, assessment, treatment and monitoring. Use the interactive risk matrix to easily filter different risk disciplines and scores.
One integrated register for all your third parties. Register multiple contracts per third-party. Assign risk profiles to segment your landscape, taking into account multiple risk domains such as cybersecurity, sustainability and compliance. Connect with your procurement system to retrieve and enrich your supplier data.
One integrated register for all your internal & external compliance requirements Use it to manage compliance requirements for security, sustainability, privacy, legal, quality and many others. Define a specific scope & applicability per compliance requirement and link them to one or more assessment questionnaires. Monitor compliance in real-time.
Integrate the different third-party assessment efforts of all your risk and compliance disciplines. Combine questionnaires from different risk disciplines into one third-party assessment. Suppliers log in to a secure supplier portal in which they can collaborate and provide their evidence. Our AI-powered review module makes an initial analysis.
Continuously monitor your third-parties in 2 million news sources and receive instant alerts on negative news articles. Activate our out-of-the-box integrations with BitSight, SecurityScorecard, Ecovadis, Refinitif and many others to retrieve your third-parties' security, sustainability, financial or compliance risks ratings in one central overview.
Consolidate remediation actions across all internal teams and third-parties within a unified action plan repository. Assign ownership through our platform and Microsoft Teams. Set and adjust timelines for each action, with reminders to keep progress on track via our platform's virtual officer, e-mail and Teams. Visual indicators offer status updates, simplifying oversight.
For organisations with limited time or resources for third-party risk management, we have formed partnerships with esteemed experts in the field. These partners can fully manage the entire third-party risk management process for you, encompassing risk profiling, due diligence, and real-time monitoring, by using our fit-for-purpose platform. Schedule a conversation.
Sustainability expert Wouter Botzen on managing ESG-related supply chain risks
Establishing a sustainable value chain community for retailers
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?
Starting with third-party risk management (4): How to segment your third parties?
Starting with third-party risk management (5): How to send due diligence assessments?
Starting with third-party risk management (6): How to monitor and follow-up?
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 your platform support compliance with the Corporate Sustainability Reporting Directive (CSRD)?
Absolutely. Our platform is equipped to help retailers comply with the CSRD. We provide tools and features that facilitate the necessary reporting and management of sustainability-related information, a critical aspect for modern retailers. Together with Deloitte we are also working on a retail sustainability community.
Do you have best practice templates specifically for retailers?
Yes, we offer a range of best practice templates tailored for the retail sector. These templates are designed to streamline your internal control and third-party risk management processes, ensuring they align with industry-specific needs and standards.
Can I effectively manage third-party risks with 3rdRisk without a dedicated team?
Yes. By using our third-party risk 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 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 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.