Platform updates
Platform update | Summer 2024
Third Party Risk Management
Expanded company search options
We are pleased to announce a significant enhancement when you have international third parties. You can now utilise the Open Corporates connection instead of the KvK (Chamber of Commerce) when searching for companies in the third-party catalogue while creating a new record. This new feature addresses the needs of clients who require access to a broader international database. With the integration of Open Corporates, you now have access to an extensive international database.
With this new setup, you first select the country of the third party, ensuring the search is conducted in the correct database. Based on the selected company all general information is automatically filled in:
Replacing remediation plans with action plans for assessments
We have phased out remediation plans and streamlined their functionality into the action plans module. Now, when reviewing a finding from a third-party assessment, you can directly create an action plan instead of a remediation plan. The action plans module offers more features and options, making it easier to manage and address any identified shortcomings. All existing remediation plans are migrated to the action plans module.
Internal control
Brand new scheduling module for control self assessments
Our brand-new Scheduling Module for Control Self-Assessment is now ready to use! This module allows you to easily schedule control assessments in advance. You can set up a schedule for a batch of controls, define the frequency, testing periods, and more. Once the schedule is created, the platform will automatically send out the assessments as per your configuration.
Check out the video below for more details and a step-by-step guide:
You now have the possibility to delete or archive controls yourself
In our ongoing effort to enhance user autonomy, we are progressively transitioning features to be self-service. Following the update for the deletion of risks, you now have the ability via the 'Action menu' to delete or archive controls in addition to the existing option to make a control inactive. The differences between these three options are:
- Delete: Users with delete permissions can now permanently remove items from the platform. Before deletion, all related items must be disconnected, ensuring a clean and thorough removal process.
- Archive: The Archive feature allows users to remove items from the main datatable while keeping them accessible through a filter. When archiving, a status change modal will display checks or red X's indicating if the item can be archived. This process requires confirmation and a reason, ensuring transparency. Archived items can be viewed using the archive filter, displaying who archived them and why.
- Inactive: The Inactive status temporarily deactivates items without removing them from the datatable. This feature allows easy reactivation at any time, preserving all data and connections. No special modal or confirmation is needed; a simple status change suffices.
Make sure permissions are configured correctly to be able to perform these actions.
Internal control assessment validation improvement
We are excited to introduce a new feature for Internal Control Assessments aimed at improving efficiency. If you are both the tester and the validator of a control, you now have the option to skip the validation step. Upon submitting a control self-assessment, a pop-up will ask if you want to autocomplete the validation, allowing the assessment to move directly to the verification stage by the control auditor.
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Platform update | April 2024
Generic Platform Updates
In app notification management
We're excited to introduce a feature that enables you to mark all in-app notifications as read with a single click, alongside the option to filter out all read messages, so you only see notifications that require your attention.
Elevating efficiency: our transition to Livewire 3
We've recently made a significant upgrade to our codebase, transitioning to Livewire 3. This move not only ensures that our application is built on the latest technology standards but also brings notable improvements in performance and efficiency. With Livewire 3's deeper integration with Laravel, we're now able to offer faster application load times and smoother user experiences. This version also introduces key optimizations that reduce development complexity, making it easier for our team to craft dynamic, responsive interfaces. This update reflects our ongoing commitment to leveraging cutting-edge technology to enhance both the functionality and user-friendliness of our platform, ensuring we stay at the forefront of industry advancements.
Streamlined issue resolution: integrating issues with action plans
We're enhancing the synergy between issues and action plans in our latest update, making your workflow more efficient. Now, when a linked action plan is closed, you'll be prompted with the question of whether you'd like to close the associated issue as well. This integration ensures a smoother transition and closure process, enabling you to manage your tasks more effectively and with less manual oversight.
Third Party Risk Management
Streamlining third-party management with a new third party modal
We've completely overhauled our third-party modal, focusing on user-friendliness and efficiency. The redesigned modal is structured into four tabs: General Information, Documentation, Communication, and Notes.
- General information: This tab consolidates all essential details about the third party. By default, only the most relevant fields are displayed for viewing or editing, with additional fields hidden to streamline the user experience.
- Documentation: Here, users can access all documents related to ecosystem assessments for a third party, as well as add new documents. This centralises documentation, making it easier to find and manage.
- Communication: This section is designed to facilitate communication among colleagues about the third party and collaborate. Users can also tag colleagues to draw their attention to specific items.
- Notes: A space to add any notes related to the third party, keeping all pertinent observations and reminders in one accessible place.
This redesign not only makes managing third-party information more straightforward but also significantly enhances the overall functionality of our platform.
Stay ahead: never miss relevant news on your third parties
We're thrilled to announce some major improvements to our news monitoring feature, ensuring you're always up-to-date with the latest developments regarding your third parties. In the third-party catalogue, we've introduced a "news sentiment" column that displays the number of open news items for each third party (37 in the example below).
Clicking on this counter reveals a modal where you can swiftly decide the necessary course of action based on the news sentiment: for positive news, you may create an issue, or determine no action is required. Should you opt to create an issue, the system pre-fills the issue form with details from the news article to streamline the process. If no action is deemed necessary, you're prompted to provide a reason, ensuring a thorough record of decision-making.
Additionally, to enhance navigation and focus, we've implemented a filter in the third-party catalogue to exclusively display third parties requiring action based on news articles.
Please note: this feature is activated only when news monitoring is enabled. If you're interested in activating news monitoring for your environment or you would like more information, feel free to contact me. This update represents our commitment to not just keeping you informed but also equipping you with the tools to take immediate, informed action.
Internal control
Streamlined Overlap Handling for Control Tester and Validator Roles
We have streamlined the process for scenarios where a control tester also serves as a control validator, particularly in cases involving a parent control with multiple child controls. Now, if the tester and validator are the same, our platform recognises this overlap and automatically adjusts the workflow. This optimisation means that the validation step will be skipped and the same conclusions are applied, thereby simplifying the task and saving valuable time.
