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Third Party Risk Management & Vendor Risks Under One Risk Management Platform

Streamline Third Party Management While Ensuring Accountability with Predict360

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Third Party Risk Management

Third-Party Risks Increase Enterprise Vulnerability

Predict360’s Third Party Risk Management (TPRM) and vendor compliance solution help businesses manage and track all third parties it uses under one platform. The solution includes complete lifecycle management and keeps track of issues and performance. The software provides a centralized data repository that collects information and documents about third parties using configurable checklists from onboarding to security assessments & due diligence to periodic supplier performance evaluations. Key features include:

  • Automated workflow processes collect information from internal employees as well as external contacts (at the vendor or third-party),
  • Drives the workflow for review and approval of this information,
  • Enables categorization of the type and level of risk for each vendor or third-party,
  • Automates ongoing controls and assessments to periodically measure and manage their performance and compliance.
  • Create, assign, track and manage any action item or task related to a vendor or a third-party.
Vendor Risk Management
Third Party Risk Management

Obstacles to Effective Third Party Risk Management

  • The role of third parties is critical, but businesses often have limited visibility into performance
  • Lack of document management can result in accidental non-compliance
  • Regulations have significantly increased requirements for the management of third-party compliance.
  • Ensuring that the products and services provided by third-party service providers are safe and comply with applicable laws, regulations and standards is difficult
  • Collecting all the information in spreadsheets and documents is an inefficient process
  • Third party data is not available for trend analysis
Vendor Risk Management

Intelligent Third Party Monitoring and Resolution

Predict360’s advanced third-party reporting and dashboard capabilities providing visibility into the risk and status of every organization providing a product for, performing a service for, or performing work on behalf of your organization so you can effectively manage vendor compliance and risk exposure.

  • Track the performance of all third parties in one easy to use system
  • Store information of all related issues and problems
  • Easily audit performance by viewing all historical problems and issues in just a few clicks
  • Complete life cycle management – from on-boarding to service delivery
  • Improve performance by providing third-party vendors with feedback
  • Detect ongoing issues through trends and patterns to determine vendor risks
  • Review or assess certificates of Insurance, checks, and due diligence documents of third parties
  • Automated spreadsheets to keep track of all the different risks, screening and verification of all the questionnaires with on-boarding, OFAC checks, insurance verification and security assessments
Third Party Risk Management

Third-Party Risk Management Lifecycle

The Predict360 Third Party Risk Management solution helps manage the entire third-party risk management lifecycle on a single platform. The platform allows businesses to assess overall third-party risks to understand the risk and compliance criteria for third parties. Both risks and controls are tracked within the platform, ensuring that all the risks are being mitigated efficiently.

The features and workflows built within Predict360 help with onboarding vendors, monitoring vendor performance and qualifications, and terminating the services from vendors while fulfilling all compliance requirements and mitigating the associated risks. Complaints and issues generated by vendors are all tracked and monitored within the platform, providing management with insights into risks and compliance lapses by third parties.

When Predict360 Third Party Risk Management is deployed in integration with the Predict360 Risk and Compliance Intelligence suite, it can roll-up all the third-party risk information so it can be reflected in the overall enterprise risk management framework. Managers can drill-down to individual compliance issues from executive dashboards that show the relevant metrics and notifications about tracked issues.

The intelligent workflows built within Predict360 streamline the entire third-party risk management lifecycle, automatically moving from onboarding to performance management. The BI (Business Intelligence) engine built within Predict360 can highlight problematic trends in vendor performance, compliance lapses or missing documents during the onboarding process, and elevated risks caused by issues in vendor service delivery. Predict360 goes beyond simply tracking vendor risks and helps businesses ensure they get the best performance from all their vendors.

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