Third Party Risk (TPRM)

Third Party Risk (TPRM)

 

Third Party Risk Management

In today’s complex business environment, Third Parties play a key role in the success of your organization. However, relying on Third Parties brings added risk. Managing these vital relationships and risks is important to ensure third-party products and services comply with applicable laws, regulations, and security best practices.

Relying on spreadsheets and word processing tools for the management of critical Third Parties no longer meets the growing requirements from auditors, government agencies, customers, and investors. A comprehensive Third Parties management Program will allow you to protect and manage your resources and maintain successful, long-term Third Parties relationships.

Third Party Risk Management is here to help! We will help you develop a program based on industry best practices that your team is able to then manage moving forward. Our program is designed to:

ENHANCE VISIBILITY – Create or improve your third party risk oversight and overall health of the third party relationships. The overall goal would be to ensure your team is able to cultivate reliable, long-term partnerships to position your company to be successful. 

 
IMPROVE COMMUNICATION – Develop and help foster an environment of bilateral collaboration both internally and externally. Allowing both internal stakeholders and third parties to fulfill activities from a self-service access interface.
 
INCREASE ACCESS – Allows both third parties and internal stakeholders access to store and maintain required documentation. even helps you maintain a centralized database for contracts and due diligence review documentation. 
 
 
REDUCE RISK – allows our partners to use built-in tools for contract reviews, risk assessment, and vendor criticality and risk scoring.
 

 

INFORMED DECISION MAKING – Leverage robust reporting tools for both auditing and decision-making, verifying that your third-party risk management practices meet regulatory and internal policy requirements. 

 
INCREASE EFFICIENCY – Standardize your organization’s vendor management processes with built-in best practices and integration with other potential GRC integrations. 
 
 
Manage Third-Party Risk – Third Party Risk Management Programs and tools are powerful solutions that give you the ability to quickly perform due diligence and score your vendors on multiple variables to auto-calculate and determine the overall risk breakdown of each vendor.

 

Award Winning Software – provides your organization with award-winning  Third Party Risk Management Software that allows your organization to manage a comprehensive vendor management process and obtain a holistic vision of your vendor management appetite.  Our solution enables efficient Third Party due diligence, Third Party risk assessments, planning, vendor contract review, ongoing monitoring, and oversight. Additionally, our solution allows you to manage vendors throughout the entire vendor risk management lifecycle.

 
 
Comprehensive Reporting –  Third Parties Management Software’s robust reporting capabilities give clear visibility into high-risk Third Parties relationships, the status of Third Parties assessments, and your organization’s overall risk appetite. Complete, audit-ready, predefined report templates are available for no-hassle reporting, including SOC reports. In addition, reports can be customized to fit your specific business needs.
 

Don’t have the resources or expertise to manage this program yourselves, G3D can help you with this too. Contact us today for a hassle-free consultation.