Solution
Retail
Our third-party risk, internal control, and compliance management solutions are designed to address the specific challenges of the retail sector, ensuring effective risk management, regulatory compliance, and operational efficiency.
3 most common challenges and our solutions
Continuity risks
Retailers face significant risks related to disruptions in their supply chain, impacting their ability to operate effectively. These disruptions can be due to various factors such as natural disasters, geopolitical issues, or supplier insolvency.
TPRM module
The 3rdRisk TPRM module offers advanced monitoring tools to identify potential supply chain disruptions. It also facilitates the development of robust contingency plans, ensuring that retailers can maintain operations and minimise impact during adverse conditions. The module's capability to assess supplier resilience further strengthens a retailer's continuity strategy.
Dynamic retail 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 regulatory compliance.
Internal Control module
The 3rdRisk Internal Control module is designed to be both flexible and comprehensive, catering specifically to the dynamic needs of retailers. It provides an intuitive platform that integrates seamlessly with existing systems, allowing for a centralised view of internal controls across various operations.
Supply chain vulnerabilities
The complex, global nature of retail supply chains introduces various risks including quality control issues, compliance challenges, and logistical disruptions.
TPRM module
The 3rdRisk TPRM module offers an integrated approach to managing supply chain risks. It includes real-time monitoring across various risk domains, such as financial, cybersecurity, and compliance, and provides retailers with the tools to conduct thorough assessments of suppliers at all tiers, ensuring supply chain integrity and reliability.
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 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.
