There is an ever-increasing reliance on third parties to gain a competitive advantage and scale your impact in this interconnected world. 

However, third parties possess significant risks to any company and require a systematic and well-formed risk management process to identify, assess, monitor, mitigate, and govern these risks. 

Today's Businesses need to comply with over 137 privacy regulations, with new regulations introduced and existing laws updated at an unprecedented rate. Noncompliance can mean millions of dollars in fines and reputational damage. Meanwhile, data continues to surge. Over 80% of data generated and collected is unstructured and expected to reach 175 Zettabytes by 2025. While unstructured data is key to propel innovation and business growth, only a fifth of companies, are able to leverage it. 

A blockchain is a shared transactions ledger that can be accessed by and among multiple parties, using cryptography and peer-to-peer technology to secure data into blocks and store them in an immutable chain of transactions, without any trusted central authority.

As per the Sarbanes Oxley Act of 2002 commonly own as Sox act and the Companies Act of 2013, it's the responsibility of management to establish controls over the financial transaction and to disclose on the organization's internal controls effectiveness.

PCI-DSS, or Payment Card Industry Data Security Standard, is a set of security guidelines developed to protect sensitive payment card information. It ensures secure processing, storage, and transmission of cardholder data. 

Social audits aim to measure the company's commitment to Corporate Social Responsibility (CSR), which encompasses voluntary actions taken to address social, environmental, and economic concerns. 

Occupational health and safety (OHS) works to raise workplace health and safety standards. It analyses the prevalence of illnesses and injuries among the workforce and makes recommendations for reducing the dangers and risks they face at work. 

Updapt is an ESG Tech Company providing SaaS products to enterprises and funds enabling them to digitally manage their Sustainability journey in tracking, performing carbon footprint accounting, monitoring and reporting ESG metrics in line with Global Sustainability Standards. 

Digital solutions of Updapt empowers businesses in their decarbonization journey and enhance sustainability performances through various ESG modules of self-assessment, data management, reporting, supply chain, net-zero and risk management along with deep analytics. 

Data privacy is crucial because people need to feel confident that their personal information will be treated carefully if they are going to engage in online activity. Data protection procedures are used by companies to assure their clients and users that their personal information is safe with them.

IFC's main goal is to find areas for improvement and create suggestions and best practices that may be utilized as a standard to build or strengthen internal control systems and increase the credibility of financial statements.