Vendor Risk Software - Third Party Risk Management (TPRM) | Riskpro India

TPRM Overview

Third party risk management (TPRM) is a structured approach to analyze and control risks arising to the organization from third parties. Mainly third parties are: Vendors Customers Joint ventures Counterparties Fourth Parties Third-party relationships can be a significant source of enterprise risk. The propagation of third-party partners, regulatory pressure, and the complexity of cyber-related risks has led companies to dedicate more time and attention to the potential risks by third parties. They enable companies to be flexible and competitive in a global business environment. These relationships often allow companies to delegate important tasks so that they can focus on their core competencies. With the benefits gained from third parties comes related risks that pose significant threats to a business, such as cyber breaches, business continuity challenges, or reputational damage.
Frameworks

Key Functionality

Take inventory of all third parties the organization has a relationship with.

Catalog cyber security risks that third parties can expose the organization to.

Assess and segment third parties by risk and focus on all activities defined as critical activities.

Develop rule-based diligence testing to stay focused on third parties with the most critical cyber security risk.

Features of the Vendor Risk Software

The third party risk management software is packed with lots of features to truly make it an excellent resource for the risk management departments to manage vendor risk and third party risk.

Centralised automated solution offering management of all third party vendors under one roof

A collaborative, secure environment for customers and vendors to share information

Well defined access control for key risk management stakeholders in your company

Ability to track and monitor ongoing vendor risks

Ability to request mitigation from vendor, terminate relationship or collaborate with third party to improve security measures

Ability to prioritize vendors according to the organizational importance.

Provides complete reporting and analysis of vendor risks and benchmarking against industry standards

Reduce time on assessments by requesting for already completed assessments for a specific vendor

Built-in evidence collection, review, and remediation workflows for faster risk analysis

Risk scoring of vendors generated from a multitude of factors to better manage vendor risk

Request a Demo

For a free, no obligation demo, please send an email to manoj.jain@riskpro.in for more details on how we can help your company. For a small monthly subscription, you can sign up for the Vendor Risk Management software.

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info@riskpro.in

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