Solution
Risk management
Our cloud-based risk platform is designed to support risk professionals with identifying, analysing, mitigating and monitoring risks.
3 challenges
#1. Lack of unified risk management approach
Without standardised procedures for identifying, assessing, and mitigating risks, organisations struggle to manage risks consistently. This lack of uniformity can lead to inefficiencies, overlooked risks, and inadequate follow-up actions, compromising risk management effectiveness.
#2. Communicating risk within the organisation
Effectively communicating risk information across all levels of the organisation is a significant hurdle. Ensuring that risk insights are accessible and understandable to everyone, from the boardroom to the frontline, is crucial for fostering a risk-aware culture and enabling informed decision-making.
#3. Multiple risk registers
Organisations often face the issue of maintaining several risk registers across different departments, leading to siloed risk information. This fragmentation hinders effective collaboration and comprehensive risk visibility, as teams operate in isolation without leveraging shared insights or strategies.
Key benefits
- Align with best-practices
- Streamline processes
- Improve stakeholder engagement
- Standardise reporting
- Improve decision-making
3 common challenges
and our solutions
#1. Lack of unified risk management approach
Without standardised procedures for identifying, assessing, and mitigating risks, organisations struggle to manage risks consistently. This lack of uniformity can lead to inefficiencies, overlooked risks, and inadequate follow-up actions, compromising risk management effectiveness.
#2. Communicating risk within the organisation
Effectively communicating risk information across all levels of the organisation is a significant hurdle. Ensuring that risk insights are accessible and understandable to everyone, from the boardroom to the frontline, is crucial for fostering a risk-aware culture and enabling informed decision-making.
#3. Multiple risk registers
Organisations often face the issue of maintaining several risk registers across different departments, leading to siloed risk information. This fragmentation hinders effective collaboration and comprehensive risk visibility, as teams operate in isolation without leveraging shared insights or strategies.
Our risk management features
Our platform comes with an interactive risk matrix, enabling users to visualise risks in a context that best suits their organisational needs. This module allows for the customisation of the risk matrix dimensions, including impact and likelihood, to align with specific risk management frameworks and reporting standards.
The multidisciplinary risk register serves as a comprehensive repository for all risk-related information, bridging various organisational departments and functions. This repositoy ensures that risk data is systematically collected, categorised, and accessible, fostering a collaborative approach to risk management.
Our platform streamlines the process of linking controls to identified risks, ensuring that mitigation strategies are directly tied to unacceptable risks. This feature helps to determine residual risks, where controls are continuously evaluated and adjusted based on their effectiveness in mitigating risks
Leverage best practice workflows designed to streamline risk management processes, from identification through to mitigation. These workflows are grounded in industry-leading methodologies such as ISO 31000, ensuring that every step taken towards managing risks is both efficient and effective.
Platform insights offer key information from different modules presented in tooltips, enhancing insight and oversight across the risk management lifecycle. This feature distils complex data into actionable intelligence, enabling users to make informed decisions swiftly. By integrating insights directly into the user interface, we ensure that critical information is always at the fingertips of those who need it, promoting a proactive approach to risk management.
Our Microsoft Teams integration effortlessly connects everyday users with internal stakeholders. This setup allows for direct task assignment to stakeholders, alongside immediate updates on progress, directly within Teams. Stakeholders can also start actions themselves. For a personal touch, organisations can use their mascot for communication in Teams, enhancing engagement and embedding their brand into the risk management process.
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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.
Can 3rdRisk provide case studies or examples of succesful implementations?
Yes, at 3rdRisk we have numerous customer success stories to share. On our website we have a dedicated section with a selection of customer success stories. Please reach out to us if you want to know more. We are eager to connect you directly with one of our esteemed clients, enabling you to gain insights and information from their firsthand experience.
Are industry standards like ISO frameworks and NIST standards available in 3rdRisk?
Absolutely. Our Content Hub includes a wide range of industry standards, including ISO frameworks and NIST standards. This provides you with ready access to authoritative compliance resources, streamlining your compliance management process.
Can 3rdRisk be integrated with existing systems and support custom domains?
Yes, our platform offers flexible integration with existing systems and supports custom domains, allowing for a cohesive and branded risk management experience. This feature enables organisations to maintain their brand identity while using our platform.