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Benefits

  • Gain visibility into where, how and why third parties are being used throughout your organization and who is responsible for each relationship.

  • Better understand the adequacy of each third party’s proof of insurance.

  • Administer your third party management program more efficiently and allocate scarce resources based on the most significant priorities.

  • ​Provide positive assurance regarding the adequacy of your organization’s third party governance program to senior management, the board and regulators.

  • Identify inherently high-risk third party products, services and relationships.

  • Incur fewer audit and regulatory findings.

  • Gain greater transparency into third party relationships using robust reporting and notifications.

Features

  • Cataloging Capabilities

    Catalog third parties, their business hierarchy, and the products and services they deliver to your organization.

  • Risk Assessments

    Perform inherent risk assessments on engagements across seven different risk categories.

  • Holistic Third Party Profiles

    Roll up engagement risk assessments to obtain an overall third party risk profile.

  • Proof of Insurance

    Capture the third party’s proof of insurance and evaluate the adequacy of the insurance relative to all of the engagements with your organization.

  • Third Party Mapping

    Map third party products and services to the business processes they support.

  • Fourth Party Risk

    Capture and analyze significant fourth party relationships.

  • Contract Catalog

    Catalog contracts and master services agreements associated with engagements.

  • Remediation Plan Monitoring

    Document and monitor remediation plans to bring risk within acceptable tolerance and track exceptions related to third party engagements.