THIRD PARTY MANAGEMENT
3 challenges
Third party management
The 3rd Risk cloud-based risk platform is designed to support risk and compliance professionals with third party management
01.
No overview
The lack of a centralized system for monitoring and managing all third, fourth, and Nth parties results in fragmented oversight and inefficiencies. Organizations find it challenging to maintain a comprehensive view of their ecosystem, often referred to as a "single source of truth," which is essential for strategic decision-making, risk management, and ensuring compliance across all engagements.
02.
No risk segmentation
Neglecting to categorize third parties according to their risk profile prevents organizations from prioritizing their monitoring and management efforts efficiently. This oversight can lead to resource allocation inefficiencies, overlooking high-risk third parties, and potentially exposing the organization to unforeseen vulnerabilities and compliance issues.
03.
Unclear ownership
Lack of clearly defined ownership and responsibility for managing third-party relationships within the organization can result in accountability gaps and inconsistencies in third-party management. This ambiguity can complicate issue resolution, impede the effectiveness of third-party governance, and affect the overall performance of third-party engagements.
Our solution
An all-in-one risk platform, provided by 3rdRisk
Third-party catalogue
Having your third-parties and sub-contractors registered, up to 99 levels deep
The third-party catalogue within our platform, is designed for recording and managing all your third-party relationships and their sub-contractors, which can seamlessly link to any procurement system to ensure that you keep one single source of truth. It provides the overall risk profile of the third-party, tiering, status, country, active contracts, ownership and any potential issues. In addition, it provides risks indicators from our real-time monitoring providers.
Contract repository
Store all your third-party contracts and link them to your organisation structure
The contract register allows for the registration of multiple contracts per third party, each with its distinct risk profile. Per contract you can define the specific location within your organisation. This feature ensures that you can manage and monitor the diverse contractual obligations and associated risks of your third-party relationships in a single, unified way, enhancing contract visibility and compliance.
Risk profile wizard
Make a multidisciplinary risk profile of your third-parties and segment your landscape
The risk profile wizard empowers you to create comprehensive, multidisciplinary risk profiles for third parties, using either our best practice frameworks or your custom risk criteria. Our risk profile wizard is fully customisable, designed to meet your unique requirements. It serves as a crucial tool for engaging business stakeholders in assessing the criticality of third-party relationships. This feature is invaluable for segmenting your third-party landscape and prioritising your due diligence efforts.
Supply chain visualisation:
Create a clear insight into interdependencies and concentration risks
The visual supply chain representation feature allows for an intuitive exploration of your supply chain, enabling you to click through and easily view interdependencies, concentration risks, and other critical factors. This visualisation tool enhances your ability to identify and address vulnerabilities within your supply chain, promoting a more resilient and secure third-party ecosystem. In addition, the visualisations can be used for management reporting and aid decision-makig during supply chain incidents.
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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