3GRC Risk Manager is an industry leading versatile vendor risk management solution that provides benefits through business risk identification and remediation workflow. 3GRC Risk Manager is a cloud based surveying solution which automatically identifies risk and populates risk registers, driving remediation and compliance in a single location through a streamlined and user-friendly manner.Contact Sales
Insurance companies are facing increased regulatory scrutiny of their processes, systems, and controls in how they manage the risks associated with their Third Parties. While it has always been best business practice to manage third party risk, the pressure has increased due to Data protection concerns, which have only increased with the ratification of GDPR, cyber security threats, the financial crisis and an increasing regulatory focus from the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).
3GRC has allowed us to define risks and impact levels up front, and generate consistent risks in a risk register automatically. This has already saved us a huge amount of time, and allowed us to measure our third parties in an effective and consistent manner.
Some requirements are well established and have been of interest to regulators for a while, but agencies are stepping up enforcement of regulations and holding institutions to a higher standard.
A new agency created by the Dodd–Frank Wall Street Reform and Consumer Protection Act, the Consumer Financial Protection Bureau (CFPB), is increasing the complexity of the regulatory environment for U.S.-based or foreign owned organisations operating in the U.S.
The CFPB is bringing a new level of authority, new perspective, and new energy to oversight of Insurance companies. The CFPB is independent of current regulatory agencies and adds further complexity to management’s efforts at assuring compliance. This trend is to continue and extend through the various oversight bodies in North America.
The framework for assessing adequacy of supplier risk is remarkably consistent across regulatory agencies. The wording and details may differ among regulators, but the thrust and focus is the same.
An example of this focus is the OCC in Bulletin 2001-47, which states that an institution should: “Engage in a rigorous analytical process to identify, measure, monitor, and establish controls to manage the risks associated with third-party relationships.”
The ability to assess and monitor third party risk is a key part of any operational risk strategy. As Insurance companies’ reliance on third parties to deliver business critical services and processes is greater than ever before, the complexity of managing the risk and oversight process intensifies.
Ageas Insurance in the UK had a requirement to improve and scale out their third party risk management process.Read More
3GRC Risk Manager provides a centralised hub that enables Insurance Companies to standardise and simplify third party due diligence and ongoing monitoring.
With survey and risk content specifically designed and built to assist with meeting Finance and Insurance regulations, 3GRC Risk Manager provides customers with content to address specific regulations including GDPR, FCA, PCI, Anti-Bribery and Corruption, Modern Slavery and more.
Contact us for a free demonstration of the 3GRC portal, we’ll show you just how easy it can be to manage your third party partners and supplier relationships.Contact us