Supply chain risk management
Our cloud-based risk platform is designed to support risk and compliance professionals with managing supply chain risks.
3 challenges
#1. No overview of ecosystem (third, fourth, Nth parties)
The absence of a centralised system to track and manage all third, fourth, and Nth parties leads to fragmented oversight and inefficiencies. Organisations struggle to maintain a comprehensive view of their ecosystem (i.e. single source of truth), which is crucial for strategic decision-making, risk management, and ensuring compliance across all engagements.
#2. Third parties not segmented based on risk
Failing to categorise third parties based on their risk profile means organisations cannot prioritise their monitoring and management efforts effectively. This oversight can result in allocating resources inefficiently, overlooking high-risk third parties, and potentially exposing the organisation to unforeseen vulnerabilities and compliance issues.
#3. Third-party ownership not clear
When the ownership and responsibility for managing third-party relationships are not clearly defined within the organisation, it can lead to accountability gaps and inconsistencies in how third parties are managed. This lack of clarity can complicate the resolution of issues, hinder the effectiveness of third-party governance, and impact the overall performance of third-party engagements.
Key benefits
- Align with best-practices
- Streamline processes
- Improve stakeholder engagement
- Standardise reporting
- Improve decision-making
3 common challenges
and our solutions
Our supply chain risk management features
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.
Our third-party catalogue is designed for recording and managing all your third-party relationships and their sub-contractors (up to 99 levels deep), which can seamlessly link to any procurement system to ensure that you keep one single source of truth. It provides the overall risk profile of the third-party, tiering, status, country, active contracts, ownership and any potential issues. In addition, it provides risks indicators from our real-time monitoring providers.
The contract register allows for the registration of multiple contracts per third party, each with its distinct risk profile. Per contract you can define the specific location within your organisation. This feature ensures that you can manage and monitor the diverse contractual obligations and associated risks of your third-party relationships in a single, unified way, enhancing contract visibility and compliance.
Our risk profile wizard empowers you to create comprehensive, multidisciplinary risk profiles for third parties, using either our best practice frameworks or your custom risk criteria. Our risk profile wizard is fully customisable, designed to meet your unique requirements. It serves as a crucial tool for engaging business stakeholders in assessing the criticality of third-party relationships. This feature is invaluable for segmenting your third-party landscape and prioritising your due diligence efforts.
Our visual supply chain representation feature allows for an intuitive exploration of your supply chain, enabling you to click through and easily view interdependencies, concentration risks, and other critical factors. This visualisation tool enhances your ability to identify and address vulnerabilities within your supply chain, promoting a more resilient and secure third-party ecosystem. In addition, the visualisations can be used for management reporting and aid decision-makig during supply chain incidents.
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.
Stay informed with our adverse media monitoring capability, which constantly scans more than 10 million news media sources globally and performs sentiment analysis to ensure you will only get relevant content. Any negative publicity or potential red flags related to your third parties are promptly reported, allowing you to take swift action to protect your reputation and mitigate risks. We can work with different news monitoring services.
Our risk senses capability collects data from different service providers to enrich your third-party catalogue with cybersecurity, sustainability, compliance and financial credit ratings. We have out-of-the-box integrations with many renowned data providers. Should you hold a current subscription with any of our affiliated data providers, activation within our platform is a streamlined process, enabling you to promptly begin receiving tailored alerts.
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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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.
Are industry standards like ISO and NIST 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.
Can I identify and manage concentration risks within 3rdRisk?
Yes, you can quickly assess whether an existing or new third-party relationship poses a concentration risk within 3rdRisk. Furthermore, the 3rdRisk platform comes with various options to visualise the supply chain and aid decision making. You can also easily register an issue or risk that associated with a third-party relationship.
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.
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.
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.