Business Radar
In this article, you learn how to activate, configure and use Business Radar, a real-time news monitoring service provided by Business Radar.
You can use Business Radar for news monitoring on your own organisation (Internal Control) and/or your broader ecosystem (Third-Party Risk Management).
Introduction
Business Radar is a Dutch tech start-up offering real-time news monitoring based on continuous analysis of millions of global and local news sources. These sources include news and blog posts, annual reports, patent filings, trademark registrations, lawsuit filings, regulatory investigations, company structure changes, and AML and PEP list screening.
Benefits
Watch your third-party ecosystem unfold on the news monitoring dashboard widget
First, you can receive all relevant news articles about your third parties on the platform’s dashboard. The Business Radar search engine continuously scans millions of news sources, in English and other (less common) languages. At the dashboard, you can also directly see the risk level of the third party involved and the BitSight rating (if activated).
Get instant alerts from the virtual officer about negative news articles mentioning one of your third parties
Thanks to the seamless integration into the platform, you never have to worry about missing a news item again. If a negative news item has been published in which one of your third parties appears, you will be informed immediately by the platform’s virtual officer. The virtual officer will ask you if you would like to read the article and will propose a follow-up action.
Promptly add an issue, incident, or risk based on a (negative) news article mentioning one of your third parties
Do you want to take immediate action based on a news item? No problem! You can now create a risk or incident directly based on a negative (or neutral/positive) news article in several places across the platform. This feature emphasizes the action-oriented design of the platform.
Use advanced filters to only see the news articles that are of interest to you
Only some news items may be relevant to you. That is why you can use filters to determine which news items you want or do not want to monitor. You can set and save these filters on the Business Radar platform. You can then activate these filters in the Integrations module of the 3rdRisk platform.
Easily add or remove third parties from your real-time news monitoring feed
Do you only want to monitor certain third parties? Sure! You decide which third parties are and are not monitored by the platform. If you have Business Radar activated, you can switch on monitoring in the Third-Party Catalogue. Just open a third-party record through ‘Edit third-party’ and scroll down. Here you can easily switch on Business Radar news monitoring for this specific third party.
Activation
3rdRisk platform users with admin rights can activate Business Radar in the Integration section. Please note that you first need to create an empty news monitoring portfolio and define your filters (such as 'only show negative sentiment news items') on the Business Radar platform.
1. Go to the Integrations page
2. Go to the Business intelligence tab
3. Go to the Business Radar section
4. Insert your Business Radar API token
5. Press the Save button.
6. Press the gear icon to open the Settings panel
7. Select the right Portfolio and Filter and press Save
N.B.
- Dependent on your 3rdRisk subscription, you are able to select a Portfolio and Filter for Internal Control and/or Ecosystem.
- You must create an empty portfolio and define filters (such as 'only show negative sentiment news items') on the Business Radar platform.
Configuration
After activating Business Radar within the 3rdRisk platform, you have to decide which third parties you want to put under news monitoring. This usually depends on your specific needs and your Business Radar subscription.
You have to perform the steps outlined below for each third party that you want to be monitored:
- Go to Third-parties and then Catalogue
- Click Edit third-party in the actions column of the third-party that you want to be monitored
- Go to the field Website. Make sure the website is provided
4. Scroll down to Integrations and click on the search icon
5. Select the right entity that you want to monitor by Business Radar
6. Press Save selected company
7. Click Edit third-party to save the changes.
If you go to the Dashboard, you will see that a news widget has appeared. The number of news articles that is shown is dependent on the number of monitored third parties, your filters, and the available news.
Alerts and notifications
After you have performed the abovementioned steps, the 3rdRisk platform will automatically start monitoring the third parties that you have manually added to the news monitoring (see Configuration).
In case of a negative news article, the platform's Virtual Officer will notify you and ask you if you (a) want to read the article and (b) if you would like to register an issue.