Ditch the spreadsheets and start using data-driven workflows to assess your supply base on critical third party risk domains from InfoSec to ABAC and more, improving efficiency while protecting your brand and bottom line.
Understanding what each supplier is doing and why, intelligently identifying and making an assessment of risk exposure.
Develop a multi-level third party risk assessment model that includes each supplier and their relevant suppliers.
Communicate risk to decision makers and maintain regulatory compliance while reducing compliance costs.
Gather internal information on exactly what the supplier is doing, why, and what resources they will have access to.
Based on what the supplier is doing and the risks identified, use domain-specific templates (InfoSec, GDPR, ABAC, etc.) to gather the right information for risk mitigation and compliance.
Get the right information, model risk, and ensure third party compliance across InfoSec, Anti-Bribery Anti-Corruption (ABAC), GDPR, and many other domains—even as new domains emerge.
Extend data gathering and risk modeling to include suppliers' suppliers as needed to ensure third party compliance and 3rd party risk management.
Take action to de-risk the supply base, transitioning spend away from high risk suppliers as needed and managing corrective action plans where appropriate.
Ensure compliance with contractual terms for off-boarding—such return of sensitive data—while streamlining termination and transition and maintaining auditable records of compliance.
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Intelligent Third Party Risk Management in Action at Accenture Operations
CFO.com and Lagunitas discuss ways to measure Business Spend Management success.