Third Party Risk Management and Vendor
Third Party Risk Management and Vendor Compliance
Third Party Risk Management is rapidly growing in importance as organizations increasingly turn to outsource providers to reduce operating costs and increase their focus on core competencies. Amid the benefits of outsourcing, there lies a significant risk. Simply stated, liability cannot be outsourced.
Compounding this dilemma, regulators including OIG, OCC, FFIEC and others are increasing their focus on potential third party risks. They want to see organizations proactively identifying potential risks, verifying that business partners, providers and their employees are compliant, monitoring for changes that might create new risks or compliance gaps, and managing the investigation and remediation of incidents. The Third Party Risk Management solution from Compliance 360 helps organizations address these critical requirements.
With Compliance 360 Third Party Risk Management, you have a complete platform for automating the essential processes and proactively ensuring vendor compliance. Capabilities include:
- Contract Management
- Organize and archive all contracts, with a particular view to those that impact your compliance program.
- Ensure contract compliance with proactive alerts, reminders, task assignments and workflow-driven reviews and approvals.
- Business Partner Management
- Centralize the management of relationships with all business partners (vendors, service providers, affiliates, and more)
- Streamline vendor compliance and risk management with automated assessments (for organizations and individuals) during the on-boarding process and on-going. Include surveys, questionnaires and compliance attestations. Ensure that your policies and procedures are fully utilized by your business partners.
- Enhance and standardize your assessment questionnaires with industry-standard questions based on best-practice standard databases.
- For issues identified in the assessment process, assign investigation and remediation tasks and use workflow to automate reviews and approvals.
- Provide a third party portal to streamline and centralize business partner participation and communication.
- Risk Management
- Target your key business partners for proactive monitoring and assessments.
- Tightly link compliance and risk assessments into comprehensive risk profiles for each business partner.
- Incorporate third party risk management and vendor compliance metrics into your overall enterprise risk management scheme for a consolidated view of internal and external risks.
- Provide risk management summaries and supporting details as needed for executive management and board-level oversight.
- Manage the credentialing of vendors using integrated industry-standard resources for verification.
- Track and score individuals and organizations using your standards or government regulations.
- Proactively monitor and validate business partners on an ongoing basis.
- Reporting and Dashboards
- Utilize dashboards for at-a-glance status of risks tied to your business partners.
- Monitor trends to anticipate and address potential issues and proactively prepare contingency plans.
- Drill down into the underlying details to identify the root cause of third party and vendor compliance risks.
Easily monitor the risk trend of each vendor and examine the details of each risk category to understand the root cause of changes to risk profiles.
Compliance 360 GRC applications utilize a common, comprehensive platform providing seamless integration and support for all departments throughout your organization. Because of this unique design, the system supports extended capabilities that are essential for comprehensive third party risk management and integration into your vendor compliance and risk management programs:
- Policy and Procedure Management
Distribute policies and procedures, such as code of conduct, to your extended network of business partners, just as you do with employees. Automate policy distribution as well as gathering of attestations, identifying compliance gaps, and managing remediation projects.
- Project Management
Incorporate third party and vendor compliance projects into your enterprise-wide compliance project management scheme. Utilize automated task monitors and alerts to promote collaboration and ensure accountability.
- Incident Management
Collect information and collaborate on compliance-related incidents. Assign tasks and track progress and outcomes of investigations. Initiate corrective actions and policy revisions.
- Internal Audit
Utilize risk scores and assessments to identify business partners in need of an audit. Include third parties in internal audit processes and selectively incorporate audit findings into assessments and the overall risk management framework. Learn More
- Virtual Evidence Room™
Link all policies, surveys, attestations, verifications audits, investigations and actions back to relevant laws and regulations. This unique capability significantly streamlines regulatory compliance audits by ensuring that you are always audit-ready.
To learn more about Third Party Risk Management and Vendor Compliance solutions from Compliance 360, please contact us