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.
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.
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.
ISMS 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.
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.
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.
IRISH CODE OF PRACTICE
The Phinity Code of Practice solutions 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.
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.
PRIVACY 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.
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