RISK MANAGEMENT
3 challenges
Risk management
The 3rd Risk cloud-based risk platform is designed to support risk and compliance professionals with risk management
01.
No unified approach
In the absence of standardized procedures for identifying, assessing, and mitigating risks, organizations face challenges in consistently managing risks. This absence of uniformity can result in inefficiencies, overlooked risks, and insufficient follow-up actions, ultimately compromising the effectiveness of risk management.
02.
Communication risk
Effectively disseminating risk information throughout all organizational levels poses a significant challenge. Ensuring that risk insights are readily accessible and comprehensible for everyone, from the executive level to frontline staff, is essential for cultivating a risk-aware culture and facilitating informed decision-making.
03.
Multiple registers
Organizations frequently encounter the challenge of managing multiple risk registers across various departments, resulting in fragmented risk information. This siloed approach impedes effective collaboration and holistic risk visibility, as teams work independently without capitalizing on shared insights or strategies.
Our solution
An all-in-one risk platform, provided by 3rdRisk
Risk matrix
Customized visual matrix to aid decision-making and reporting
The platform offers an interactive risk matrix, enabling users to visualise risks in a context that best suits their organisational needs. This module allows for the customisation of the risk matrix dimensions, including impact and likelihood, to align with specific risk management frameworks and reporting standards.
Multidisciplinary risk register
Creating a central repository suited for all risk domains
The risk register in our platform functions as an extensive repository for all risk-related data, connecting diverse organizational departments and functions. This repository guarantees systematic collection, categorization, and accessibility of risk information, promoting a collaborative approach to risk management..
Risk response
Link internal controls to risks to evaluate mitigation effectiveness and residual risk
The 3rdRisk platform streamlines the process of linking controls to identified risks, ensuring that mitigation strategies are directly tied to unacceptable risks. This feature helps to determine residual risks, where controls are continuously evaluated and adjusted based on their effectiveness in mitigating risks
Best-practice workflows
Leverage a proven standardised approach to risk management
Make use of best practice workflows designed to streamline risk management processes, from identification through to mitigation. These workflows are grounded in industry-leading methodologies such as ISO 31000, ensuring that every step taken towards managing risks is both efficient and effective.
Platform insights
Have clear insight and oversight across the risk management lifecycle
The platform offers insights on key information from different modules presented in tooltips, enhancing insight and oversight across the risk management lifecycle. This feature distils complex data into actionable intelligence, enabling users to make informed decisions swiftly. By integrating insights directly into the user interface, we ensure that critical information is always at the fingertips of those who need it, promoting a proactive approach to risk management.
Microsoft Teams
Engage internal stakeholders with your own organisation's mascot
The platform integrates with Microsoft Teams connecting everyday users with internal stakeholders. This setup allows for direct task assignment to stakeholders, alongside immediate updates on progress, directly within Teams. Stakeholders can also start actions themselves. For a personal touch, organisations can use their mascot for communication in Teams, enhancing engagement and embedding their brand into the risk management process.
Trusted by top brands
Client Cases
Learn how client uses 3rdRisk to add value in their organisation.
Your return on investment
Thanks to automation, AI and smart workflows, 3rdRisk users save an average of 140 hours per 10 third-party assessments compared to traditional spreadsheet approaches. This quickly translates to a savings of 7 FTEs when more than 1000 assessments are sent out.
Design & Configure assessments
Response performance
Response rate
Review & assess assessment
Best-practices
In the Content Hub, we have best-practice content available for every industry and risk discipline, from sustainability and cybersecurity to continuity.
The SIG, short for “Standardized Information Gathering (Questionnaire)” is a third-party information security and privacy questionnaire.
Standardized Information Gathering (Questionnaire)
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