Solution
Third-party assessments
Our cloud-based risk platform is designed to support risk and compliance professionals with conducting third-party assessments with confidence and ease.
3 challenges
#1. Assessing the entire third-party ecosystem (tier 1-n)
The vast and intricate network of suppliers, vendors, and partners that organisations rely on presents a significant challenge in assessing the entire third-party ecosystem. Ensuring comprehensive risk assessment and due diligence across all levels of the supply chain requires extensive resources and coordination, often overwhelming internal capabilities.
#2. Reviewing of assessments and evidence
The process of reviewing assessments and validating the evidence provided by third parties is both critical and challenging. It involves scrutinising the authenticity, relevance, and sufficiency of the documentation and data supplied, necessitating a robust framework to manage and evaluate this information effectively.
#3. Secure and collaborative supplier data entry
Facilitating a secure yet user-friendly system for suppliers to input their data for assessments poses a dual challenge. On one hand, it is essential to ensure the security and confidentiality of the data provided; on the other, the system must be accessible and efficient to encourage timely and accurate data entry by sometimes different internal teams of third parties.
Key benefits
- Align with best-practices
- Streamline processes
- Improve stakeholder engagement
- Standardise reporting
- Improve decision-making
3 common challenges
and our solutions
#1. Assessing the entire third-party ecosystem (tier 1-n)
The vast and intricate network of suppliers, vendors, and partners that organisations rely on presents a significant challenge in assessing the entire third-party ecosystem. Ensuring comprehensive risk assessment and due diligence across all levels of the supply chain requires extensive resources and coordination, often overwhelming internal capabilities.
#2. Reviewing of assessments and evidence
The process of reviewing assessments and validating the evidence provided by third parties is both critical and challenging. It involves scrutinising the authenticity, relevance, and sufficiency of the documentation and data supplied, necessitating a robust framework to manage and evaluate this information effectively.
#3. Secure and collaborative supplier data entry
Facilitating a secure yet user-friendly system for suppliers to input their data for assessments poses a dual challenge. On one hand, it is essential to ensure the security and confidentiality of the data provided; on the other, the system must be accessible and efficient to encourage timely and accurate data entry by sometimes different internal teams of third parties.
Our third-party assessment features
Our intuitive assessment builder allows you to configure comprehensive assessments tailored to your needs. You can include multiple questionnaires covering different risk domains into one assessment and assign different reviewers. This feature offers the flexibility to cover a wide range of risk assessments in one streamlined process, enabling you to capture critical risk data across different aspects of your third-party relationships. You can create your own questionnaires or use and adjust our best-practice templates.
Our assessment scheduler simplifies the coordination of your third-party assessment activities, ensuring timely and regular evaluations of your third-party vendors. This tool helps you plan and track assessments, automating reminders and scheduling to maintain continuous oversight and compliance with your risk management policies. Thanks to our third-party assessment scheduler, you can automate a large part of the work and focus on things that matter most.
Our collaborative supplier portal enhances the assessment process by enabling suppliers to involve their colleagues and subcontractors in completing questionnaires. With features like multi-factor authentication and access to explainer videos, the portal ensures a secure and informed participation. Additionally, the supplier portal is completely tailored to reflect your corporate identity and be integrated seamlessly into your own domain.
Leveraging the power of automation, our platform conducts an initial review of the information provided in assessments and highlights areas of concern. This feature is designed to save valuable time and resources, setting the stage for a more focused and strategic review by your team. Multiple colleagues from different interna teams can collaborate in reviewing assessments. The outcome can be sent back to your central procurement system.
Our AI tool analyses SOC-2 attestation and ISO certificates, identifying the applicability and key areas that require attention. This AI-powered evidence analysis streamlines the review process, ensuring that critical insights are taken from complex compliance documents, and enhancing the accuracy of your third-party due diligence process. And not insignificantly: it reduces the time required to analyse these reports by more than 90%.
Our platform enables you to register, track and manage the action plans of your third-parties, ensuring that any identified risks are effectively managed and resolved. This feature allows for the documentation of action plans, assigning responsibilities, and setting deadlines for risk mitigation activities. Our integration wit Microsoft Teams ensures that your internal teams will be notified mmediately about new action plan and changes through a Teams message.
Equipped with best-practice reporting templates, our platform incorporates AI to assist in generating comprehensive summaries of the entire assessment process. This advanced reporting capability ensures that you have a clear, actionable understanding of your third-party risk landscape, facilitating informed decision-making and strategic risk management. Our best practice reporting templates include visuals such as bar charts and spider diagrams and can be branded to reflect your corporate identity. Data can be exported to PDF and Excel based on your specific needs.
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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.
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.
Does the TPRM module allow for customisation of email templates?
Absolutely. We understand the importance of consistent communication, so our module supports the customisation of email templates. This allows organisations to maintain their tone and style in all communications related to third-party risk management.
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.
How does the 3rdRisk due-diligence portal enhance third-party risk management?
The dedicated due-diligence portal allows third-parties to securely submit and update their information, ensuring a streamlined and efficient risk assessment process. The ability to brand the portal according to the client organization’s identity further enhances trust and professionalism in the relationship.
What makes the 3rdRisk different from a TPRM module from a traditional GRC solution provider?
The 3rdRisk TPRM module distinguishes itself from traditional GRC solutions through several key features and approaches:
- Intuitive user interface: The module is designed with an intuitive interface, making it user-friendly and accessible. This contrasts with many traditional GRC tools, which can be complex and require extensive training.
- Real-time monitoring and analytics: 3rdRisk's TPRM module offers advanced real-time monitoring and analytics capabilities. This enables more proactive risk management, as opposed to the often reactive nature of traditional GRC solutions.
- Multidisciplinary integration: Unlike traditional solutions that may focus on specific risk areas, the 3rdRisk TPRM module integrates various risk domains (such as financial, cyber, compliance) for a comprehensive risk assessment.
- Automated aue diligence and AI analysis: The module automates the due diligence process and employs AI for analyzing reports and assessments, streamlining workflows and improving accuracy. Traditional GRC tools may not offer such advanced automation and AI capabilities.
- Flexible integrations with existing systems: 3rdRisk's TPRM module is built for seamless integration with a variety of existing systems, enhancing its utility and ensuring it complements rather than replaces current processes.
- Customisation and branding: The module allows for a high degree of customization, including custom domains and email templates. The due-diligence portal for third parties can also be branded to match the client organization’s identity, a feature not commonly found in traditional GRC tools.
- User-centric design and approach: The focus on user experience is central to the 3rdRisk TPRM module. It's designed not just as a tool but as a solution that fits into and enhances the user's workflow.
By combining these innovative features with a user-centric design, the 3rdRisk TPRM module provides a modern, efficient, and effective alternative to traditional GRC solutions.
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.