Solution
Compliance
Our cloud-based risk platform is designed to support compliance professionals with identifying, analysing, mitigating and monitoring compliance risks.
3 challenges
#1. Internal compliance
Maintaining robust internal compliance amidst evolving regulations and organisational complexities.
#2. Regulatory landscape
Keeping up with the complex and ever-changing regulatory landscape across different regions and industries.
#3. Third-party compliance
Guaranteeing that third-party partners, like customers and suppliers, adhere to necessary compliance standards.
Key benefits
- Align with best-practices
- Streamline processes
- Improve stakeholder engagement
- Standardise reporting
- Improve decision-making
3 common challenges
and our solutions
#1. Internal compliance
Maintaining robust internal compliance amidst evolving regulations and organisational complexities.
#2. Regulatory landscape
Keeping up with the complex and ever-changing regulatory landscape across different regions and industries.
#3. Third-party compliance
Guaranteeing that third-party partners, like customers and suppliers, adhere to necessary compliance standards.
Our solution for compliance professionals
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.
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?
The role of procurement in third-party risk management
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.
Is it possible to generate compliance reports easily with 3rdRisk?
Certainly. 3rdRisk enables easy generation of detailed compliance reports. These reports can be customised to suit your specific requirements, providing clear insights into your compliance status and areas that require attention.
Can 3rdRisk help in managing third-party compliance risk?
Yes, 3rdRisk excels in managing third-party compliance risks. Our platform conducts comprehensive third-party assessments, including sanctions and PEP screenings, to ensure that all your external partnerships comply with the necessary standards and regulations.
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 I integrate my own compliance framework into 3rdRisk?
Yes, you can. 3rdRisk allows you to integrate your existing compliance framework into our platform. This flexibility ensures that you can maintain continuity with your current processes while leveraging our advanced compliance management tools. We also have a Content Hub with prefilled best practice frameworks and questionnaires.
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.