Solution
Internal control testing
Our cloud-based risk platform is designed to simplify internal control testing, engage teams and deliver real-time insights for decisive management. Regardless of whether controls are carried out by third parties or internal teams, our platform ensures a streamlined, efficient experience.
3 challenges
#1. Regulatory compliance
In today’s complex regulatory environment, businesses face the significant task of keeping up with an ever-increasing array of internal policies, external regulatory demands and risks. Achieving compliance can be complex.
#2. Stakeholder engagement
One of the most significant hurdles in risk management is securing active engagement from internal stakeholders. It’s critical for team members to understand their role within internal controls.
#3. Risk mitigation
After identifying areas of risk or non-compliance, the subsequent challenge lies in effectively managing and tracking the follow-up activities that ensure issues are addressed timely and effectively.
Key benefits
- Align with best-practices
- Streamline processes
- Improve stakeholder engagement
- Standardise reporting
- Improve decision-making
3 common challenges
and our solutions
#1. Regulatory compliance
In today’s complex regulatory environment, businesses face the significant task of keeping up with an ever-increasing array of internal policies, external regulatory demands and risks. Achieving compliance can be complex.
#2. Stakeholder engagement
One of the most significant hurdles in risk management is securing active engagement from internal stakeholders. It’s critical for team members to understand their role within internal controls.
#3. Risk mitigation
After identifying areas of risk or non-compliance, the subsequent challenge lies in effectively managing and tracking the follow-up activities that ensure issues are addressed timely and effectively.
Our internal control testing features
Our control library is a comprehensive repository where controls executed by internal teams and third parties are stored and managed. Each control includes a 'heartbeat' visual that graphically represents the effectiveness of the control over time, allowing you to monitor performance and ensure controls are functioning as intended.
The internal control assessment configurator offers you the flexibility to define the depth of your control testing. Tailor your approach to include only the first line of defence, incorporate validation by the second line, or extend to a full verification by the third line of defence, aligning with your organisation's risk strategy and governance structure.
Streamline your assessment process with our Internal Control Assessment Scheduler. This feature enables you to schedule control assessments efficiently and dispatch them in bulk, simplifying the coordination of large-scale control testing across multiple teams and departments.
Our platform's virtual assistant is at your service to expedite the internal control testing process. It assists by following up with individuals, chasing overdue tasks, and assigning new tasks to ensure that testing progresses smoothly and deadlines are met.
We have developed intuitive workflows for internal control testing in collaboration with business stakeholders to ensure they are user-friendly and relevant to business needs. These workflows guide stakeholders through the internal control testing process, ensuring clarity, efficiency, and stakeholder engagement.
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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.
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.