- WHAT WE DO -
About Phinity Risk
Solutions
Phinity Risk Solutions develops cloud applications for the information risk and governance market. The Phinity Risk Solutions platform integrates into your risk and compliance processes to help you decrease your risk exposure. Boost your risk management capability and manage your organisational risks, from identification through to remediation, with the help of our powerful solutions.
Make informed decisions faster with our strong and relevant reporting based on your risk and compliance data.
- PROBLEMS WE SOLVE -
Integrated Risk
Management Solutions
THE PHINITY RISK SOLUTIONS
Track Risks from Identification to Remediation
With Phinity, risk management is made simple. Our reliable, adaptable and easy to use cloud platform will give you peace of mind knowing that you have built resilience into your business, effectively streamlining risk management in an auditable way.
One Centralised Risk Management Platform
We build and distribute innovative software solutions that discover, manage and mitigate business risk.
THIRD PARTY RISK MANAGEMENT (TPRM)
TPRM SOLUTION
You can easily identify high-risk third-party vendors and implement risk mitigation plans in real time, leaving your organisation's resources to concentrate on other tasks.
There are five steps to follow when automating your TPRM process.
IDENTIFY
Before leveraging automation to mature your TPRM process, identify and collect all relevant data needed, including policies, relevant third parties, stakeholders, existing risk assessment, etc.
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DIGITISE
Upload your data onto the Phinity platform. Leverage Phinity’s pre-defined questionnaires and risk scoring or embed your current questionnaires and process.
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ASSESS
Perform inherent risk profiling of your selected third parties. Automate workflows, follow-ups, and tracking to streamline the risk assessment process.
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REPORT
Track the progress of all your assessment in real-time. View the inherent and residual risk ratings of your third parties or extract detailed reports on individual third parties as needed. Customise the reporting to meet your needs.
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RESPOND
Assign and track the risk items identified during your third party risk assessment through to remediation. Report on the progress of your remediation efforts.
PHAST-START: TPRM
TPRM PHAST-START SOLUTION
Phinity has developed an approach that will enable customers to accelerate from a state of immature TPRM processes and lack of third party risk understanding to a well-defined, automated process with clear, actionable data to help manage third party risks in the space of approximately four weeks.
There are five steps to Phast-Start your TPRM:
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IDENTIFY
Our professional services partner will understand your organisational landscape and provide a proven TPRM framework, customised and adapted to your organisation.
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DIGITISE
We will upload the information for ten third parties into the Phinity platform, configure our profiling and controls assessments, and set up custom roles for organisational users.
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ASSESS
We will perform an inherent risk profiling of the ten selected third-parties and a control assessment of the five third parties with the highest risk profiles. We will set up automated workflows and, in so doing, determine a sustainable process that can be followed in the future.
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REPORT
We will track the progress of the risk profiling and control assessments and provide feedback on status and risk results during the project.
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REMEDIATE
We will guide organisational users and assist them in following up with the third parties to remediate any risks identified.
PROCUREMENT COMPLIANCE
PROCUREMENT COMPLIANCE SOLUTION
Achieve transparent and detailed compliance and risk management, and analysis with a centralised document repository accessible for key stakeholders at all levels.
Follow these 5 steps in the Phinity Risk Response Management solution to achieve automation and process maturity.
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IDENTIFY
Identify and collect all relevant data needed. Data may include compliance standards, regulatory requirements, risk and supplier policies, third party processes and required workflows, key stakeholders from AML, privacy, compliance, information technology, finance, etc.
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DIGITISE
Design your register, upload available data, imbed onboarding processes with automated assessments using Phinity’s predefined or custom assessments to measure your suppliers’ level of compliance and risk.
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ASSESS
Perform inherent risk profiling of all suppliers to calculate every supplier’s risk and workflow based on supplier type, service and risk rating. Based on responses, calculate residual risk and compliance levels to ensure an acceptable level before onboarding. Automate workflows, follow-ups, and tracking to streamline the risk assessment process.
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REPORT
Track the progress of all your assessments in real-time. Confirm compliance processes are being followed. Track each level of compliance per supplier, calculate risk and customise the reporting to meet your needs.
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REMEDIATE
Achieve transparent and detailed compliance and risk management, and analysis with a centralised document repository accessible for key stakeholders at all levels. Management and staff can collect, analyse, and transform data to create rock-solid audit trails.
INFORMATION SECURITY MANAGEMENT SYSTEM
Information Security Management System SOLUTION
The Phinity cloud platform integrates into your organisation’s processes to workflow, automate and scale your ISMS.
Follow these 5 steps in the Phinity ISMS solution to achieve automation and process maturity.
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PLAN
Contextualise the oganisation, including ISMS scope and stakeholder mapping. Develop leadership and governance artefacts (including Policies, RASCI and Communication). Plan the assessment approach, the scope of inventory assets, and the the information security objectives with a plan to achieve them.
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DIGITISE
Integrate the platform into the process by uploading your information assets, configuring assessments and workflows according to the defined plan.
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ASSESS
Profile, assess and categorise all assests via a systematic, integrated solution that provides realtime data and analysis with recommendations on managing each asset according to risk, standards and policies.
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REPORT
Report against information security metrics, that align with the goals of your ISMS.
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IMPROVE
Assign, track, treat and demonstrate effective security mitigation and improvement actions according to your ISMS objectives.
PRIVACY COMPLIANCE
PRIVACY COMPLIANCE SOLUTION
The Phinity Privacy Compliance solution takes a structured approach in assisting you to define and bring automation to your Privacy programme.
With these five steps, Phinity takes you through to sustainable compliance and ensures that known risks and areas of non-compliance are tracked through to full remediation.
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STEP 1: IDENTIFY
Map your organisational structure, define your Privacy principles and approach, identify all stakeholders, and assign roles and responsibilities.
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STEP 2: DIGITISE
Digitise your Privacy programme by uploading your organisational structure, assessments, and unique business rules.
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STEP 3: ASSESS
Profile your business areas, and perform Privacy Impact Assessments to obtain real-time data and analysis with recommendations on Privacy risk mitigation and compliance according to risk, standards, and policies.
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STEP 4: REPORT
Report against Privacy principles by stakeholder group or by business area.
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STEP 5: IMPROVE
Assign, track, treat, and demonstrate effective compliance and improvement on risk mitigation, according to your Privacy principles
Know your Privacy Compliance status and make informed decisions
INSURANCE COMPLIANCE
INSURANCE COMPLIANCE SOLUTION
Assess, mitigate and manage risk and compliance processes throughout the insurance value chain, with a specific focus on outsourcing and distribution compliance.
Follow these 5 steps in the Phinity Insurance Compliance solution to achieve automation and compliance.
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IDENTIFY
Develop your policies and procedures aligned to your local and global compliance obligations. Identify the third parties (eg intermediaries, brokers, binder-holders), within the scope and determine the associated stakeholders.
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DIGITISE
Upload your third party information into the Phinity Platform. Develop assessments that will support the analysis of third party compliance with regulations and Service Level Agreements (SLA). Digitise your process including configuring assessments and workflows according to the defined processes.
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ASSESS
Develop assessments that categorise outsourcing and third parties. Complete due diligence and compliance assessments, and track business resilience.
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REPORT
Report according to key business metrics, including compliance levels, business continuity, achievement of SLAs, risk exposure and non-compliance remediation progress.
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MANAGE
Manage and mitigate material risks including those relating to outsourcing and third parties. Assign, track, treat and accept risk within risk tolerance levels.
RISK RESPONSE MANAGEMENT
RISK RESPONSE MANAGEMENT SOLUTION
Automate the risk management process, ensuring that risks and associated responses are well documented, accountability is clearly defined and progress to implement agreed treatment actions is tracked.
Follow these 5 steps in the Phinity Risk Response Management solution to achieve automation and process maturity.
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IDENTIFY
Formally document business risks or threats with a recommended treatment action to mitigate to an acceptable level of residual risk. Identify the key stakeholders to take accountability for determining the risk response and implementation thereof.
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AGREE
Agree the appropriate risk response based on the business’ risk appetite. This may include risk acceptance, avoidance, transfer, or mitigation. Based on the selected response, agree on the treatment actions to be implemented.
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TRACK
Track the progress of the treatment actions from assignment through to closure.
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VALIDATE
Validate and manage the status and quality of treatment actions implemented, based on feedback from stakeholders and associated evidence that is uploaded into the solution.
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REPORT
Easily report on the status of risks response activity on a single platform. The solution will provide automated reports per stakeholder / business unit / assurance report.
VULNERABILITY REMEDIATION
VULNERABILITY REMEDIATION SOLUTION
Automate the allocation, tracking and reporting of vulnerabilities from all sources so that your team can focus on closing vulnerabilities rather than on administering the process.
Follow these 5 steps in the Phinity Vulnerability Management solution to achieve automation and protect against risk.
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IDENTIFY
Contextualise the oganisation, including ISMS scope and stakeholder mapping. Develop leadership and governance artefacts (including Policies, RASCI and Communication). Plan the assessment approach, the scope of inventory assets, and the the information security objectives with a plan to achieve them.
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ALLOCATE
Integrate the platform into the process by uploading your information assets, configuring assessments and workflows according to the defined plan.
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TRACK
Profile, assess and categorise all assests via a systematic, integrated solution that provides realtime data and analysis with recommendations on managing each asset according to risk, standards and policies.
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VALIDATE
Report against information security metrics, that align with the goals of your ISMS.
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REPORT
Assign, track, treat and demonstrate effective security mitigation and improvement actions according to your ISMS objectives.
CONTINUOUS COMPLIANCE
CONTINUOUS COMPLIANCE SOLUTION
Phinity supports continuous compliance by integrating into your manual control processes, automating them through our Robotic Process Automation (RPA) capability, driving efficiencies, creating visual decision support, and higher levels of compliance.
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IDENTIFY
Define compliance framework based on legislation, industry standards, and internal policies and procedures. Identify information and physical assets where compliance is required. Lastly, identify stakeholders from a compliance, technical and business perspective.
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DIGITISE
Digitise the organisational compliance framework within the Phinity platform and configure the compliance workflow to automate the compliance assessment, treatment and reporting workflow.
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ASSESS
Assess the inherent risk of defined assets and complete control assessments of assets to test effectiveness and compliance levels.
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REPORT
Using the pre-defined risk assessment and treatment rules, Phinity will automatically generate proposed treatment actions. The compliance team validates results, adding context and relevant stakeholders.
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REMEDIATE
Report and track remediation efforts to ensure compliance is improved and met over time through continuous testing and validation.
CODE OF PRACTICE FOR THE GOVERNANCE OF STATE BODIES
CODE OF PRACTICE FOR THE GOVERNANCE OF STATE BODIES
The Phinity Code of Practice solution shows how Phinity can link all risk stakeholders in the business, from “bottom-up” operational processes to “top-down” enterprise risks.
Linking these two often disparate risk approaches decreases duplication and unlocks value.
ESSENTIAL RISK MANAGEMENT
ESSENTIAL RISK MANAGEMENT
Phinity’s innovative Essential Risk Management solution reduces time and effort by easily structuring your risk management approach to align with your business needs.
PHINITY AND AUTOPILOT PROCUREMENT COMPLIANCE
PHINITY AND AUTOPILOT PROCUREMENT COMPLIANCE SOLUTION
Phinity and Autopilot can transform your Procurement Department through innovation and automation. While our solution will bring continuous improvement and will unlock new value from your third-party relationships, Autopilot supports integration with additional solutions - such as payments, tasks, and onboarding.
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IDENTIFY
Before leveraging automation to mature your Procurement Compliance process, identify and collect all relevant data needed. This may include compliance standards, regulatory requirements, risk and supplier policies, third party processes and required workflows, key stakeholders from AML, privacy, compliance, information technology, finance, etc.
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DIGITISE
Design your register, upload available data, and embed automated onboarding processes with Phinity and Autopilot’s easy-to-use configurations.
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ASSESS
Use digital onboarding processes, and complete inherent risk profiling of all suppliers to calculate every supplier’s risk and workflow based on supplier type, service and risk rating. Based on responses, calculate residual risk and compliance levels, to ensure an acceptable level before onboarding. Automate workflows, follow-ups, and tracking to streamline the risk assessment process.
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REPORT
Track the progress of all your third parties’ compliance in real-time. Confirm compliance processes are being followed. Track each level of compliance per the supplier, calculate risk, and customise the reporting to meet your needs.
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REMEDIATE
Assign and track the compliance failure identification to remediation — then report on the progress of your remediation efforts.
- WHY CHOOSE PHINITY -
Benefits
Lower
your risk
Consolidate data
quickly and easily
Boost your
productivity
Track
every step
Reduce
labour costs
- ACCOLADES AND AWARDS -
Why Trust Phinity
Customer
Renewal
Rate
WINNER OF
ISACA INNOVATION AWARD
60 REGULAR
FEATURE UPDATES
AND IMPROVEMENTS
5 STARS
CAPTERRA
RATING
Become a Phinity partner
Our partners are on a journey with their clients and after harnessing the power of the Phinity Integrated Risk Management platform, they are able to leap-frog their clients’ business processes into a state of maturity.
We help our partners tailor the right solutions to the needs of their clients.
- HAPPY CLIENTS -
Testimonials and
Success Stories
Woolworths leverages the Phinity ERM Solution to create efficiencies and increase the visibility across the business.
Woolworths leverages the Phinity ERM Solution to calculate the risk of risk items based on the impact and likelihood votes of multiple stakeholders
Woolworths leverages the Phinity Application Compliance Solution to determine their controls
Woolworths leverages the Phinity Application Compliance Solution to determine the level of controls that are implemented and their effectiveness
Woolworths leverages the Phinity TPRM Solution to assess IT Vendors
Woolworth decided to implement TPRM to assess the IT vendors and identify if they have missing critical controls.
Growthpoint leverages the Phinity TPRM Solution to assess IT Vendors
Driven by the CIO, Growthpoint decided to implement TPRM as a new part of the companies Risk Management Strategy.
Santam leverages the Phinity TPRM Solution for Broker Compliance
Broker compliance requires each insurer to assess all brokers through an ongoing detailed assessment process. Santam needed to calculate the compliance risks, track treatments, and provide a level of assurance to the industry body.
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- RESOURCES -
Read Our Articles
Can Ethics and Robotics Mix?
How To Tie Together and Boost Your Third Party Risk Management (TPRM) Processes
Automate and Accelerate Insurer Compliance with Integrated Technology
Know and Manage your Application Security Risk During COVID-19
Know and Manage your Supplier Security Risk During COVID-19
Introducing Lee Bristow: Chief Technology Officer at Phinity Risk Solutions
PHINITY RISK MANAGEMENT & MOBIUS CONSULTING ON COVID-19
The Importance of Cybersecurity and Third Party Risk Management for Your Business
Third Party Risk Management Conference
Who Cares About Third Party Risk Management?
Is risk ownership aligned to the board of directors?
Application Attack Surface
What is DevSecOps?
Third Party Risk Management Software for the Financial Sector
Third Party Risk Management Silver Lining is Industry Self-Regulation
THIRD PARTY RISK MANAGEMENT A KEY GLOBAL PRIVACY COMPLIANCE REQUIREMENT
ISACA Max Blecher Innovation Award Winner: Triplicity
Rate us on Capterra
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