Third Party Risk Management (TPRM) Software
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 have 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.
- 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.
Centralized 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 the vendor, terminate the relationship or collaborate with the third party to improve security measures
- Ability to prioritize vendors according to organizational importance.
- Provides complete reporting and analysis of vendor risks and benchmarking against industry standards
- Reduce time on assessments by requesting 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 email@example.com 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.