Streamline, Automate, and Secure Your Third-Party Risk Management
Growing reliance on cloud-based applications means the financial and legal industries are facing a maze of evolving regulatory oversight. Regulations such as FRB SR 13-19, OCC Bulletins 2013-29/2017-21, and FDIC-FIL-44-2008 require risk assessments for all vendors. This includes law firms and specifies standardized engagement and contract provisions, as well as ongoing monitoring and accountability provisions.
Outside counsel and their third-party vendors work with your sensitive data, so their risks are your risks. Legal departments face unique challenges in managing these regulatory and reputational third-party risks, especially when most procurement platforms are goods-based and not service-based. It makes onboarding and doing due diligence for professional services, such as outside counsel, a headache for both parties when it should be an easy check-in.
“InfiniGlobe is creative in their problem-solving. They design for the long-term solution and when customizations are necessary the code is configurable so that the customization will not need to change. They also adapted their agile process to our local IT governance process”
Identifying The Hidden Threats
A Seamless Assessment of Vendor Security
Third-party vendors often represent unnoticed vulnerabilities in comprehensive security architectures. With Counself Risk, you get access to a dynamic questionnaire engine crafted with precision to extract relevant security data from vendors, ensuring thoroughness in identifying potential weak spots. The platform also comes equipped with real-time analysis tools that instantly evaluate vendor responses, highlighting areas that require your attention.
Additionally, historical data tracking allows you to monitor vendor security progress over time, spotting trends and improvements. To bolster your risk awareness, the platform also incorporates a breach alert system that offers insights into past incidents, like Target's experience, ensuring you're equipped to prevent similar occurrences in your firm.
Ensuring Coverage in a Storm of Cyber Threats
Given the allure of law firms for cybercriminals, especially with inconsistent regulatory adherence, stringent security measures are crucial. Counself Risk positions itself as a formidable line of defense, offering adaptive threat intelligence that keeps you updated on emerging threats targeting legal vendors. The platform's unified vendor dashboard gives you a snapshot of your vendors' security postures at a glance.
Counself Risk provides deep integration capabilities and ensures seamless synchronization with Matter Management Systems and Document Management Systems, preventing any data discrepancies. As regulations evolve, Counsel Risk takes the lead by automatically updating compliance documentation, keeping you ahead of changes, and ensuring consistent protection.
Fast Tracking Due Dilligence
Times is Money, and Counself Risk Saves you Both
Navigating intricate regulatory obligations shouldn't deplete your firm's resources. Counself Risk is designed to ease this burden. The platform introduces a vendor onboarding wizard, a step-by-step guide ensuring swift and efficient vendor integration. Moreover, the smart compliance scheduler takes charge of your calendar, automating notifications of upcoming checks, and ensuring you never miss a compliance milestone.
Being a platform engineered specifically for the legal domain, it delivers tools tailored to your needs, slashing vendor onboarding times by half. To aid strategic planning, it provides resource allocation recommendations, offering insights on where to focus efforts, maximizing efficiency, and ensuring optimized utilization of your team's time.
Reimagine Your Law Firm's Due Diligence and Compliance.
Counself Risk™ has been designed to assist legal departments in streamlining this arduous and manual process, transforming manual vendor risk management processes with a secure, collaborative, and automated solution. Stop using irrelevant enterprise forms with hundreds of questions and take advantage of Counself’s library of legal industry best practice forms, questionnaires, documents, and request templates to expedite your compliance gathering and monitoring processes.
Streamline Legal Vendor and Outside
Counsel Risk Management.
Author your requests starting with Counself's best-practice templates or build them from the ground up, ensuring you gather precise information consistently. Seamlessly blend Counself with your Matter Management System for intuitive, auto-generated requests.
Engage directly with outside counsel, vendors, and your team via an encrypted, auditable messaging platform that consolidates communication, tracking every interaction centrally.
Bid adieu to manual record-keeping. Entrust vendors with account and profile management, allowing Counself to provide actionable insights, and streamline vendor management.
Maintain a centralized database of certifications and contracts. Set automated alerts and reminders in advance of expiration and audits and communicate directly with vendors regarding specific documentation without numerous emails, calls, and questions.
STAY ALERT OF EVENTS
Stay on top of events and timelines. With Counself’s autonomous system, receive timely reminders and notifications, ensuring no due date or event goes unnoticed.