3rdRisk provides a unified platform for managing diverse third-party risks across security, sustainability, privacy, and compliance domains. The system automates monitoring and centralizes supplier data to deliver real-time insights and accelerate regulatory adherence like DORA and NIS-2. This approach replaces manual processes with efficient, auditable workflows, giving organizations complete control over their extended supply chain risk exposure.
Funding
$540K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Organizations face increasing challenges in managing risks associated with third-party vendors, including cyber threats, compliance violations, and supply chain disruptions. Traditional methods like spreadsheets are often inadequate for handling the complexity and scale of modern third-party ecosystems, leading to inefficiencies and potential oversights. Evolving regulatory landscapes, such as DORA, NIS-2, and LkSG, further complicate third-party risk management, requiring comprehensive and continuous monitoring.
Solution
3rdRisk offers a cloud-based platform designed to streamline and automate third-party risk management across various risk domains. The platform provides a centralized view of the entire third-party landscape, integrating with internal procurement systems and external data feeds. It automates risk assessments, facilitates efficient remediation workflows, and enables real-time monitoring of supplier risks, including news updates, financial credit ratings, and cyber incidents. The platform's customizable risk profile wizard helps segment third parties and determine their criticality, ensuring a focused approach to risk mitigation and compliance.
Target Audience
The platform is designed for organizations of all sizes, from small firms to large corporations, that need to manage supplier risks, achieve regulatory compliance, and improve their overall governance, risk, and compliance (GRC) posture.
Features
- Centralized third-party catalog that integrates with procurement systems and external data feeds
- Customizable risk profile wizard for third-party segmentation and criticality assessment
- Automated risk assessments with self-assessment dispatch and review capabilities
- Real-time monitoring of third-party risks, including news, financial ratings, and cyber incidents
- Remediation workflow management for tracking and resolving identified risks
- User-friendly dashboards and reporting for actionable insights into risk status and compliance levels
- Pre-built templates for various risk domains and compliance frameworks (e.g., NIS-2, DORA, LkSG)
- Integration capabilities with existing GRC systems