Solution
Real-time monitoring
Our cloud-based risk platform is designed to support risk and compliance professionals with monitoring third-party relationships in real-time.
3 challenges
#1. Volume and complexity of monitoring signals
The sheer volume and complexity of monitoring signals pose a significant challenge. Collecting, processing, and analysing this data to derive actionable insights requires sophisticated data management and analytics capabilities. Organisations must navigate these complexities to ensure effective monitoring and timely decision-making.
#2. Every monitoring feed has its own tool
Real-time third-party monitoring often involves using different tools and systems to process various data feeds, leading to a fragmented oversight landscape. This fragmentation can hinder the ability to have a unified view of third-party risks and performance, making it difficult to assess the overall risk posture effectively. The challenge lies in integrating these disparate tools into a cohesive monitoring platform that provides comprehensive, actionable insights, enabling organisations to maintain oversight across all relevant risk domains and data sources.
#3. Following-up on monitoring signals
Once a potential issue or risk is identified through real-time monitoring, the next critical step is the follow-up process. Ensuring timely and appropriate actions are taken in response to monitoring signals can be challenging, especially when dealing with a large volume of alerts, varying in severity and impact. Developing a prioritised, efficient follow-up mechanism and workflows are essential to address issues before they escalate.
Key benefits
- Align with best-practices
- Streamline processes
- Improve stakeholder engagement
- Standardise reporting
- Improve decision-making
3 common challenges
and our solutions
#1. Volume and complexity of monitoring signals
The sheer volume and complexity of monitoring signals pose a significant challenge. Collecting, processing, and analysing this data to derive actionable insights requires sophisticated data management and analytics capabilities. Organisations must navigate these complexities to ensure effective monitoring and timely decision-making.
#2. Every monitoring feed has its own tool
Real-time third-party monitoring often involves using different tools and systems to process various data feeds, leading to a fragmented oversight landscape. This fragmentation can hinder the ability to have a unified view of third-party risks and performance, making it difficult to assess the overall risk posture effectively. The challenge lies in integrating these disparate tools into a cohesive monitoring platform that provides comprehensive, actionable insights, enabling organisations to maintain oversight across all relevant risk domains and data sources.
#3. Following-up on monitoring signals
Once a potential issue or risk is identified through real-time monitoring, the next critical step is the follow-up process. Ensuring timely and appropriate actions are taken in response to monitoring signals can be challenging, especially when dealing with a large volume of alerts, varying in severity and impact. Developing a prioritised, efficient follow-up mechanism and workflows are essential to address issues before they escalate.
Our real-time monitoring features
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.
When an alert is triggered, our platform provides pre-defined workflows to guide you through the necessary follow-up steps. This systematic approach ensures that every alert is addressed efficiently and effectively, maintaining the integrity of your third-party risk management processes.
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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.