Phinity Risk Solutions-Software as a Service
Digirisk has partnered with Phinity Risk Solutions (PRS) to provide innovative digital risk management solutions to our clients. Phinity cloud applications are designed to cut through complexity and revolutionise the way we think about risk, by automating risk management processes and analysis. This allows skilled resources to be freed up to focus on the important decision making elements of risk management.
This is achieved through powerful risk assessment software that ensures every third party, application or project risk is seamlessly profiled and assessed automatically – from identification to treatment, with a full audit trail.
The Phinity cloud platform consists of the following risk management modules:
Triplicity is a cost-effective cloud-based software platform that supports all stages of the Third Party Risk Management (TPRM) lifecycle. Triplicity simplifies, automates and leverages business intelligence — giving you a powerful TPRM solution that not only does the job effectively, but saves you time and money in the process.
This highly configurable solution covers the full life cycle of TPRM in the following stages:
Step 1: Identification: All companies, regardless of size or effort, need to identify and list all their third parties.
Step 2: Risk profiling: Each third party is first profiled to provide their inherent risk specific to your business. The program leverages data analytics, business intelligence, security and regulatory frameworks.
Step 3: Risk assessment: This is important in determining actual residual risk. The Triplicity workflow will trigger the required assessment based on the inherent risk determined in Step 2. Typical examples: a signed declaration, a self-assessment for a medium profiled vendor, or a self-assessment with supporting evidence for very high risk third-party vendors.
Step 4: Risk reporting: This step identifies third-party vendors that are strategic to the business, but which do not adhere to the correct industry-recognised standards for information security, information privacy, anti-bribery & anti-corruption, and practices to counter international money laundering.
Step 5: Remediation: The final step in which Triplicity makes it possible for you to mitigate identified risks regarding your third-party affiliations, providing business intelligence as to which vendors are meeting good governance standards and protecting your customers’ data.
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Procensus is a cloud-based software platform that automates ongoing risk assessments of all production processes and applications to ensure resilience, business continuity and effective risk management. Each application is seamlessly profiled and assessed throughout the year, providing your business with simple, reliable and adaptable reports to inform decision-making.
This highly configurable solution automates application risk assessments in the following stages:
Step 1: Identification: All companies, regardless of size or effort, need to identify and list all their production applications.
Step 2: Risk profiling: Each application is first profiled to calculate their inherent risk specific to your business. The program leverages data analytics, business intelligence, security and regulatory frameworks.
Step 3: Risk assessment: This is important in determining actual residual risk. The Procensus workflow will trigger the required assessment based on the inherent risk determined in Step 2. Typical examples: a self-assessment for a medium profiled application, or a self-assessment with supporting evidence for very high risk applications.
Step 4: Reporting: This step identifies applications that are strategic to the business, but which do not adhere to the correct industry-recognised standards.
Step 5: Remediation: The final step, in which Phinity makes it possible for you to mitigate identified risks through our Resilience log — thus providing you with intelligent workflows that trace each risk from identification to treatment, ensuring good governance and standards are well maintained and practised.
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