THIRD PARTY ASSESMENT
3 challenges
Third party assessment
The 3rd Risk cloud-based risk platform is designed to support risk and compliance professionals with third party assesments
01.
Obtaining overview
Assessing the extensive and complex network of suppliers, vendors, and partners poses a significant challenge for organizations. Achieving thorough risk assessment and due diligence throughout the entire third-party ecosystem demands substantial resources and coordination, often stretching internal capabilities to their limits.
02.
Reviewing assessments
Reviewing assessments and validating evidence provided by third parties is both crucial and demanding. It entails examining the authenticity, relevance, and adequacy of the documentation and data provided, requiring a robust framework to manage and assess this information effectively.
03.
Secure data entry
Creating a secure yet user-friendly system for suppliers to input their data for assessments presents a dual challenge. On one hand, it's crucial to prioritize the security and confidentiality of the provided data. On the other hand, the system must be accessible and efficient, encouraging timely and accurate data entry from various internal teams of third parties.
Our solution
An all-in-one risk platform, provided by 3rdRisk
Assessment configurator
Quickly configure assessments including multiple risk domains
You can configure comprehensive assessments via our intuitive assessment builder. You can include multiple questionnaires covering different risk domains into one assessment and assign different reviewers. This feature offers the flexibility to cover a wide range of risk assessments in one streamlined process, enabling you to capture critical risk data across different aspects of your third-party relationships. You can create your own questionnaires or use and adjust our best-practice templates.
Assessment scheduler
Schedule assessments based on risk profile, previous results, risk senses or other criteria
Our platform’s assessment scheduler simplifies the coordination of your third-party assessment activities, ensuring timely and regular evaluations of your third-party vendors. This tool helps you plan and track assessments, automating reminders and scheduling to maintain continuous oversight and compliance with your risk management policies. Thanks to our third-party assessment scheduler, you can automate a large part of the work and focus on things that matter most.
Supplier portal
A secure, collaborative and branded space where third-parties can complete their assessment
Our collaborative supplier portal enhances the assessment process by enabling suppliers to involve their colleagues and subcontractors in completing questionnaires. With features like multi-factor authentication and access to explainer videos, the portal ensures a secure and informed participation. Additionally, the supplier portal is completely tailored to reflect your corporate identity and be integrated seamlessly into your own domain.
Review portal
Preliminaryanalysis of assessment performed by our platform
Our platform conducts an initial review of the information provided in assessments and highlights areas of concern. This feature is designed to save valuable time and resources, setting the stage for a more focused and strategic review by your team. Multiple colleagues from different interna teams can collaborate in reviewing assessments. The outcome can be sent back to your central procurement system.
AI-powered anlysis
Let us do the analysis of your suppliers' SOC-2 attestation and ISO certificates and evidence
The platform has an AI tool to analyse SOC-2 attestation and ISO certificates, identifying the applicability and key areas that require attention. This AI-powered evidence analysis streamlines the review process, ensuring that critical insights are taken from complex compliance documents, and enhancing the accuracy of your third-party due diligence process. This reduces the time required to analyse these reports by more than 90%.
Advanced reporting
Get AI-powered summeries of assessments and create instant reports
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.
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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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