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Third Party Governance

Third Party Governance

We provide you with a consistent enterprise-wide framework for managing third-party risk and performance which helps you identify, assess, evaluate, treat and monitor third party risks consistently across all of your business lines.

This enables you to gain an accurate picture of third-party high risk factors and prioritize them according to your Business criticality.

Key Features

Third Party Management

  • Catalog all third-party relationships, engagements, and associated contracts, as well as the business units. Maps internal business units to third parties
  • Establishes accountability for each third-party relationship
  • Document your organization’s business hierarchy to establish relevant stakeholder reporting
  • Provides a holistic understanding of your dependency on the third party

Risk Management

  • Provides a series of risk assessment questionnaires for vendors, enabling your organization to assess their internal controls and collect relevant supporting documentation for further analysis
  • Continuously evaluate and monitor the third party controls and risk scoring
  • Determines the third party’s overall residual risk profile across all of the engagements they deliver to your organization

Security Risk Monitoring

  • Provides organizations with clear visibility, insight and actionable intelligence into their third- and fourth-party IT risk environments
  • Discovers and analyzes the IT footprint of each third party that you are dealing with
  • Identify the potential vulnerabilities and root causes for 40+ security criteria

Performance Management

  • Provides supplier engagement performance monitoring
  • Keep track of all contractual service level agreement (SLA) metrics and declining performance on the part of third parties
  • Establishes Matrix around each engagement within four categories such as Quality, Innovation, Performance and Relationship

Benefits

  • Automates and streamlines oversight of vendor relationships
  • Enables you to enforce risk-based selection, establish performance metrics, and monitor and manage the entire third-party lifecycle
  • Helps your business understand all their third-party dependencies and associated risk
  • Consistently evaluate risks and apply controls and risk transfer techniques based on your organization’s risk tolerance
  • Stay up to date with new or updated vendor relationships and monitor changes occurring in existing third-party relationships