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ESG

Our contribution to a sustainable future

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At 3rdRisk, we acknowledge the critical importance of Environmental, Social, and Governance (ESG) principles in today's world. Our commitment to ESG is not just a part of our operations – it's a foundational principle that guides everything we do.

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1. Introduction

We are a risk management technology company located in the Amsterdam region, the Netherlands. We provide cutting edge solutions for third-party risk management and compliance operations.

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3rdRisk was founded in 2018 after recognising that spreadsheets as well as Governance, Risk and Control (GRC)-systems weren't living up to their potential and lacked the capabilities to address both present and future risks. As experienced risk professionals, the founders saw a pressing need for a user-friendly, rapidly deployable, and scalable Software as a Service (SaaS) platform. They understood that as organisations increasingly rely on third parties, there's an pressing need to control both internal and supply chain risks.

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The 3rdRisk platform functions as a smart ecosystem, continually enhanced by the insights and experiences of our valued customers and partners. Placing people at the forefront, our approach is both personal and innovative. This commitment allows us to offer a smart, user-friendly platform empowering audit, risk and compliance professionals to confidently navigate today's challenges and anticipate tomorrows. Proudly serving esteemed customers and partners globally, we are here to redefine third-party risk management and compliance operations.

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‍2. Commitment to ESG

At 3rdRisk, we are committed to taking a leadership role in promoting Environmental, Social, and Governance (ESG) principles. As a forward-thinking start-up, we recognise the importance of ESG in shaping a sustainable future. Our commitment includes the following key aspects:

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2.1 Environmental Responsibility

3rdRisk's environmental objectives and goals include:

  • Paperless office: We continue to promote a paperless office environment by using digital documents, cloud storage, and electronic signatures. We encourage employees to think twice before printing and to use electronic alternatives whenever possible.
  • Video conferencing: We encourage the use of video conferencing tools for meetings and collaboration. This reduces the need for business travel, which can have a significant environmental impact.
  • Sustainable procurement: We implement a sustainable procurement approach by choosing suppliers and vendors who align with our ESG values. We look for suppliers who prioritise sustainability, fair labour practices, and ethical sourcing, including supporting diverse suppliers to strengthen our (local) communities.

3rdRisk is committed to minimising our environmental footprint through initiatives such as:

  • Achieving 100% renewable energy usage for our internal and external IT infrastructure by 2025.
  • Embracing a 100% remote work approach to reduce office-related environmental impact.
  • Prioritising train travel over air travel for business purposes.

To reduce carbon emissions, we have implemented measures such as:

  • Per 2025 our IT infrastructure runs on renawable energy.
  • We exclusively use non-combustion company vehicles.
  • By default, our employees work from home, reducing daily commute emissions.
  • We promote sustainable technologies, including the use of Apple hardware.
  • We prioritise the recycling of assets by ensuring that all depreciated hardware is responsibly recycled

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‍2.2 Social Responsibility

Our commitment to social responsibility is demonstrated through:

  • Employee education: We provide a yearly training to educate employees about ESG practices, the importance of sustainability, and how they can contribute.
  • Feedback loop: We have established a feedback mechanism for employees and customers to share sustainability ideas and concerns. We act on valuable suggestions to continually improve our ESG efforts.
  • Diversity and inclusion in hiring: We actively seek to attract a diverse candidate pool when recruiting for new positions within our organisation. Our goal is to ensure that our workforce reflects the rich diversity of the communities we serve.
  • Community support: We support the communities we are part of by donating to charity projects chosen by our employees and organising social events that bring together our employees, partners, and customers, including sports events and meet-ups.

We believe in diversity and inclusivity as part of our corporate culture and strive to create a workplace where everyone feels valued and respected.

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3. Governance and ethics

Our corporate governance structure comprises a board of directors, consisting of our founders. We maintain ethical business practices, transparency, and accountability through:

  • A comprehensive code of conduct.
  • Annual training programmes to educate employees on business ethics.
  • Compliance with the GDPR, demonstrating our commitment to data privacy.
  • Implementation of anti-corruption and bribery policies. ‍

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‍4. Customer and partner relations

We actively integrate ESG principles into our relationships with B2B customers and partners by:

  • Collaborating with sustainability professionals to align our platform with their ESG principles.
  • Providing tools within our TPRM platform to assess and enhance the sustainability practices of our customers and their third-parties. ‍

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5. Environmental impact reduction

To minimise our environmental footprint, we have taken significant steps, including:

  • Embracing a remote work setup to eliminate the need for a physical office.
  • Using wind energy to power our infrastructure.
  • We exclusively use non-combustion company vehicles.
  • Promoting remote work and the use of sustainable technologies.

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6. Social impact

Our TPRM platform promotes social impact through:

  • Providing best-practice content that encourages responsible business practices within supply chains.
  • Offering special programmes for NGOs, enabling them to use our technology at no cost.
  • Offering discounts to certain regions to ensure accessibility beyond Western corporates.

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‍7. Governance and compliance

3rdRisk is fully compliant with relevant regulations and industry standards, including:

  • Adherence to Dutch and European regulations, such as the GDPR.
  • Holding a SOC2 Type 2 assurance report for data security.

Starting in 2024, we will begin implementing internal controls and monitoring mechanisms to further mature our ESG approach.

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‍8. Reporting and accountability

Our ESG reporting and accountability measures include:

  • Annual reporting to our board of directors and shareholders.
  • Direct involvement of our founders in achieving ESG objectives.

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‍9. Continuous Improvement

We continuously strive to enhance our ESG performance. Our ongoing improvement initiatives are currently being defined, and we conduct reviews every six months to assess our progress.

At 3rdRisk, our dedication to ESG principles is not only a commitment but an integral part of our identity. As a technology provider in the ESG domain, we understand the importance of setting high standards for ourselves. We believe that by leading by example, we can better serve our customers, helping them navigate their ESG challenges with confidence and success.

We encourage all stakeholders, including customers and partners, to provide feedback and engage in discussions related to ESG. We welcome your insights and ideas to help us continually improve our ESG efforts.