what to look for in a thrd party management software

Third-Political party Hazard Management

Measure Your Program Outcomes

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80%
reduction in third-party onboarding time

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50%
subtract in the time and costs to complete supplier assessments and place risks

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Source: Based on MetricStream customer responses and GRC Journey Business Value Calculator

Third Party Risk Management

Bolster Visibility into Third and 4th-Political party Risks

MetricStream Third-Political party Take a chance Direction (TPRM) software, built on the MetricStream Platform, provides an integrated, real-time view of the extended enterprise (such every bit your vendors, suppliers, and contractors) to protect your business from existing third-political party or fifty-fifty potential quaternary-party gamble exposure. The product automates end-to-end processes for information gathering, onboarding, real-time monitoring, risk, compliance and control assessments, and chance mitigation. An integrated and federated approach helps organizations to ameliorate manage tertiary-party risks building trust and confidence in tertiary-party relationships and facilitating mutual growth.

How Our TPRM Software Helps You

Structured Tertiary-Party Portal

View third-party profile information, including products or services provided, bank details, spend, ongoing assessments, contracts, land, issues, certifications, due diligence status, take chances rating, and associated business units. Utilize the intuitive portal to search for and observe third parties based on multiple criteria. Allow identified 3rd parties access to the system to submit, update, or upload relevant information.

Streamlined Intake and Request Process

Simplify third-party intake across departments through a user-friendly portal. Automate the evaluation of risks for each third party or date and define the frequency of periodic assessments. Enable risks to be mitigated before onboarding. In addition, integrate with alerts from reliable external sources to screen and verify third-party information.

Continuous Assessment of Inherent Chance

Automatically validate 3rd-party data and identify "ruby-red flags" based on globally sourced content on various associated risks. Subscribe to alerts based on the criticality of third parties. Upon reviewing the alerts, assign a chance rating to 3rd parties and trigger gamble assessments. Automatically create issues based on breach of pre-defined thresholds.

Segmentation of Tertiary Parties

Enable consistent third-party risk and compliance assessments with pre-defined questionnaires. Conduct advert-hoc assessments based on take a chance intelligence from external sources, incidents, performance failures, or business insights. Automatically summate risk scores based on the responses. Aggregate gamble scores to determine the overall third-political party take chances posture.

Robust Operation Management with Third-Party KPI Scores

Appraise and track each 3rd political party's central functioning indicator (KPI) scores leveraging assessments. Enrich internal scores with risk data from various internal systems, databases, content providers, and results of audits, assessments, and inspections. Leverage scorecards to monitor performance and proactively place potential failures.

Structured Approach for Assessing Business concern Continuity Risk from Third Parties

Capture and track the business continuity plans of the third parties and gain a holistic view of overall concern continuity gamble. Source information on potential and bodily hazards due to geophysical events through integration with content providers.

Systematic Audit Cess of Third Parties for Better Evaluation

Conduct onsite audits or online audit assessments of tertiary parties. Streamline the audit process including information gathering, field piece of work, reporting, and issue remediation. Blueprint or modify assessments to evaluate 3rd parties based on multiple parameters.

AI-Powered Smart Issue Direction for Accelerated Response Strategy

Leverage AI/ML to rapidly identify issues based on relation and recommend effect classification. Automate creation, management, and monitoring of deportment for issues and findings. In the event of a tertiary-political party contract breach or expiration, as well every bit incidents of non-compliance or dissatisfaction, simplify third-political party off-boarding with in-built workflows and checklists.

Actionable and Intelligent Insights with Intuitive Dashboards and Reports

Leverage powerful reports, analytics, and business organisation intelligence capabilities to help management teams make informed decisions based on a audio understanding of third-party risks, compliance, and operation. Compare tertiary-party assessment scores for each product or service type and track how 3rd parties are improving over time. Enable third parties to monitor their progress through graphical reports and dashboards.

Integration of Trusted Content Sources

Comprise relevant, authoritative intelligence from external sources to deepen visibility into 3rd-political party run a risk, including fiscal wellness data, anti-bribery and anti-abuse data, and ESG and security ratings, from trusted sources such equally Dow Jones, D&B, BitSight, and more.

How Our TPRM Software Benefits Your Business concern

Manage tertiary-party risk across the lifecycle, from onboarding through offboarding
Prevent third-political party adventure incidents and enable continuity of operations through quick and intelligent risk assessments
Enhance third-party consolidation, rationalization, and visibility beyond businesses, spend, and risk exposure, and accelerate responses to risk events
Build confidence in sourcing and negotiation decisions by leveraging historical information on third-political party risks and performance, as well as the time taken to close problems

BUSINESS VALUE Estimator

Trusted by Leading Brands

Oftentimes Asked Questions

Your third parties – such every bit your vendors, supplier and contractors – are an essential part of doing business, simply also pose disquisitional risks such equally reputational chance, cybersecurity risk, and strategic hazard. You assume the risks of your 3rd parties when doing business with them – for example, if they suffer a data breach or human action unethically, you too can be liable for financial loss, reputational impairment, and much more. In today's fast-changing world, assessing, managing and monitoring the risk of your 3rd parties is vital to pre-empt risk and safeguard your business.

Yes. MetricStream's Third-Party Hazard Management product is a vendor gamble management software designed to help you lot assess your tertiary parties for risk from when you first start working with them – onboarding – till termination and off-boarding. The vendor risk management software equips you with intelligent dashboards and a user-friendly interface to empower you to conduct due diligence, assess take chances, and continuously monitor for changes in gamble profiles.

Absolutely. For maximum visibility into the background and risks of your tertiary parties, MetricStream's hazard-based approach enables you to combine your internal data and scoring criteria with congenital-in scoring models and external content and intelligence (such as BitSight's cybersecurity ratings, for example) to provide a complete view of risk. You tin can screen third parties for multiple aspects of risk, including cyber, financial health, anti-corruption, and other relevant criteria.

The challenge of many third-political party risk assessment processes is that they're transmission. MetricStream enables you to automate your processes – for example, our built-in artificial intelligence flags anomalies for review, simplifying your scrutiny of security certification reports such as SOC2. Instead of using valuable analyst time, you lot tin can divert your resource to strategic, value-added activities and at the same time, manage and monitor more 3rd parties. Call back that take chances can come from whatever supplier – even small or under-the-radar vendors can put yous at risk. Assessing as much of your base every bit possible limits your exposure – and technologies similar AI make this possible.

You tin can explore the MetricStream Integrated Take chances Management solution that empowers organizations to manage both electric current and emerging risks across geopolitical, digital, strategic, 3rd-political party, cybersecurity, and compliance areas. To request a demo, click here.

Besides, you can visit our Acquire section to dive deeper into the GRC universe and the Insight section to explore our customer stories, webinars, thought leadership, and more than.

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Source: https://www.metricstream.com/products/third-party-management.htm