Third-Party Risk Management Drive a Risk Aware Culture, Protect Your Brand & Bottom Line
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Assess Third-Party Relationships
By understanding what each third party is doing and why, you can intelligently identify and make an assessment of risk exposure.
Understand and Minimize Risk At All Levels
Develop a multi-level third-party risk assessment model that includes each third party and their relevant fourth parties.
Maintain Compliance Across Risk Domains
Communicate risk to decision makers and maintain regulatory compliance while reducing compliance costs across various risk domains (InfoSec, GDPR, ABAC).
Value as a Service
88.8%
Digital Assessment Completion Rate
90.1
Hours to Develop Action Plans
107
3rd Parties Managed Per Resource
Assess Third-Party Relationships
Evaluate All Types of Third Parties
- Knowing who the partner is, what they do for your company, and how they operate is an important step in detecting problems and reducing risk.
- Each third party must have controls in place to mitigate risk and its own business partners who represent risk (fourth parties).
Monitor Third Parties and Digitize Processes
- Periodic assessments help your company detect risks, but continuous monitoring can help you detect problems and adapt to changes.
- Moving to a modern third-party risk management platform ensures that data collection and threat detection happen in real time, improving outcomes while also reducing costs.
Understand and Minimize Risk At All Levels
Enhanced Visibility Into Risk
- Track and analyze how third parties interact with company information and understand how company resources are returned or destroyed when engagements are concluded.
- Properly assessing third party risk is of limited value if your employees buy from unvetted or risky suppliers.
Streamlined Vetting and Sourcing Processes
- Automated processes let you vet suppliers quickly in order to accelerate time-to-market for new products and minimize disruption if multiple suppliers need to be replaced.
- Third-party management should be incorporated into vetting and sourcing criteria when awarding new business. Once awards are made, contracts should address risk.
Maintain Compliance Across Risk Domains
InfoSec Compliance
- Protect sensitive information, safeguard your brand reputation, and avoid penalties by digitizing your Information Security (InfoSec) processes.
- Many high-profile breaches have originated from third parties in the supply chain who don't maintain effective controls over sensitive information.
Privacy and GDPR Compliance
- The EU's General Data Protection Regulation (GDPR) requires any organization with access to their residents' private information to document what personal data they hold, where the data came from, and with whom it is shared.
ABAC Compliance
- Anti-Bribery Anti-Corruption (ABAC) legislation holds companies accountable for the behavior of third parties throughout their extended enterprise.
- Companies are held accountable whether or not they are aware of corrupt practices, and the penalties can be severe.