Third-Party Risks Increase Enterprise Vulnerability
The solution includes complete lifecycle management and keeps track of issues and performance.
We use Third Party Risk Management (TPRM) and vendor compliance solution to aid our organization to manage. The solution we use is
- Automated workflow processes collect information from internal employees as well as external contacts (at the vendor or third-party),
- Drives the workflow for review and approval of this information,
- Enables categorization of the type and level of risk for each vendor or third-party,
- Automates ongoing controls and assessments to periodically measure and manage their performance and compliance.
- Create, assign, track and manage any action item or task related to a vendor or a third-party.
Obstacles to Effective Third Party Risk Management
- The role of third parties is critical, but businesses often have limited visibility into performance
- Lack of document management can result in accidental non-compliance
- Regulations have significantly increased requirements for the management of third-party compliance.
- Ensuring that the products and services provided by third-party service providers are safe and comply with applicable laws, regulations and standards is difficult
- Collecting all the information in spreadsheets and documents is an inefficient process
- Third party data is not available for trend analysis
Continuous third-party risk monitoring
- Input and track vendor service level agreements (SLA) manually or automatically with real-time vendor performance monitoring.
- Track and remediate audit findings from onsite visits.
- Stay up to date with real-time financial intelligence feeds.
- Integrate with independent security rating services to categorize third parties and automate onsite audit scheduling.
Manage growing third party risk with new risk management strategies
71% of organizations report that their third party network contains more vendors than it did three years ago.
