How Deloitte is using 3rdRisk to help clients making their supply chains more secure & sustainable

Sem J. de Spa is director at Deloitte within the Digital Risk Solution (DRS) practice of Risk Advisory in the Netherlands. In this role he is helping organisations to transform and manage their value chains in a responsible way by enabling them with digital risk and sustainability solutions.

The challenge

Sem: "In context of supply chains, today’s organisations grapple with two big challenges. Firstly, are increasingly infiltrating and spreading through supply chains. An incident at a supplier's end could result in a data breach affecting customer data. Additionally, should a critical supplier be rendered inoperative due to a ransomware attack, it can cause significant business continuity issues for organidations.

Another major challenge is ensuring a sustainable value chain. In fact, the most significant sustainability impact of organizations stems from their supply chain, particularly in areas like climate change and human rights. To remedy this, the causes first need to be identified and pinpointed.

Addressing these challenges requires insight into your supply chain. Without fit for purpose technology like 3rdRisk this can be intricate and highly labour-intensive. With the current labour market tightness, companies struggle to find qualified risk professionals, amplifying the urgency for technology solutions like 3rdRisk."

Our solution

Sem: "At Deloitte, we've formed a strategic partnership with 3rdRisk. Through this alliance, we're an official reseller of 3rdRisk and also provide managed services in third-party risk management using the 3rdRisk platform. For instance, two major European banks have outsourced their third-party cyber risk management process to us. Our team utilises the 3rdRisk platform to manage this process effectively and efficiently, from orchestrating self-assessments to monitoring threats and implementing improvement plans. We bring our knowledge and expertise we’ve built over the years into the platform, in the form of risk and control content and ‘golden standard’ questionnaires. This optimizes the supplier responses and the transparency in the supply chain risks.”

The result

Sem: “Bottom line is: we can deliver the required insights and reach compliance objectives within desired timelines. We've assessed hundreds of suppliers using the 3rdRisk supplier risk management platform, adhering to the highest security standards and the required capabilities to analyse complex supply chains.

Our Deloitte value-add is our domain expertise, enabling us to interpret risk signals from the 3rdRisk platform and determine their implications for individual organisations. We have this knowledge across multiple sectors worldwide. The platform gives us insights, the starting point for driving transformation. Furthermore, we at Deloitte offer extensive content like frameworks and questionnaires that can be incorporated into the 3rdRisk platform. Ultimately, while content is pivotal, technology should complement and support this content."

Why 3rdRisk?

Sem: "3rdRisk is truly an innovative technology scale-up. They've tailored their platform to match the real needs of the ends users. Its integrations and design make the system navigation easy and even fun, which is rather unique for risk and compliance technology. And thus the user engagement is notably high. Its rapid onboarding capability is unmatched, which is greatly appreciated by both clients and our team members. No more multi-month setup times!

What's I’m even more excited about is how contribute to the platform's continued development. We have a significant influence in its evolution, co-developing new features together with clients and the 3rdRisk team. This collaboration ensures the system is suitable for a wider range of organizations and delivers even more value. The innovation and user-centric approach of 3rdRisk truly stand out."

"3rdRisk is truly an innovative technology scale-up. They've tailored their platform to match the real needs of the ends users. Its integrations and design make the system navigation easy and even fun, which is rather unique for risk and compliance technology. And thus the user engagement is notably high." Sem J. De Spa.