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3GRC Powering Risk Management

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.

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Legal - The Challenges

3GRC Risk Manager provides a centralised hub complete with Template surveys, including the Modern Slavery Act, GDPR and Anti Money laundering, simplifying and standardizing third party due diligence for Legal firms and Institutions.

Solicitors and Legal institutions are key professionals in the business and financial world, facilitating vital transactions that underpin the UK economy. As such, they have a significant role to play in ensuring their services are not used to further a criminal purpose and meet best business practice for third party risk management.

While it has always been best business practice to manage third party risk, the pressure has increased on Legal firms due to Data Protection concerns (which have only increased with the ratification of GDPR) cyber security risks and the challenge to maintain compliance with the Money Laundering Regulations 2007 –Third Directive.

The Money Laundering Regulations 2007

The Money Laundering Regulations 2007 repeal and replace the Money Laundering Regulations 2003 and implement the third directive. They set administrative requirements for the anti-money laundering regime within the regulated sector and outline the scope of customer due diligence”.

The regulations aim to limit the use of professional services for money laundering by requiring professionals to know their clients and monitor the use of their services by clients.

The third money laundering directive extends due diligence measures to beneficial owners, recognising that such measures can be applied on a risk-based approach, and requires enhanced due diligence to be undertaken in certain circumstances.

It is incorporated into UK law by the Money Laundering Regulations 2007 and the Terrorism Act 2000 (Amendment) Regulations 2007 (TACT regulations 2007) and Proceeds of Crime Act 2002 (Amendment) Regulations 2007 (POCA regulations 2007) (the TACT Regulations 2007 and the POCA Regulations 2007).

3GRC Risk Manager provides a centralised hub that enables Legal institutions to standardise and simplify third party due diligence and ongoing monitoring. 3GRC Risk Manager is prepopulated with a number of template surveys and risks that include Money Laundering, GDPR, and the Modern Slavery Act to name a few, making it easier for legal firms to meet their Third Party Due Diligence and Regulatory requirements.

Case Studies

Ageas - Streamline Third Party Risk

Ageas Insurance in the UK had a requirement to improve and scale out their third party risk management process.

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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.

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To find out more, download our datasheet and find out how the 3GRC portal can help you.