Predict360 Third-Party and Vendor Risk Management (VRM)
Streamline Third Party Risk Management While Ensuring Accountability with Predict360
ABA Endorsed Solution Provider for Risk and Compliance Management
Track, Manage and Report on Third-Party Risks
The Predict360 Third-Party Risk Management (TPRM) and Vendor Risk Management (VRM) Solution enables financial organizations to track, manage and report vendor risks associated with third parties under one platform. The solution includes vendor lifecycle management and keeps track of issues, performance, certifications, risks, metrics, and much more. Predict360 Vendor Risk Management Software provides a centralized data repository that collects information and documents about third parties using configurable checklists from onboarding to security assessments and due diligence to periodic supplier performance evaluations. Key capabilities include:
- Automated workflow processes to collect information from employees as well as external contacts at the vendor
- Drives the workflow for review and approval of vendor information
- Enables the categorization of the type and level of risk for each vendor or third-party
- Automates ongoing controls and assessments to measure and manage vendor performance and compliance periodically
- Create, assign, track and manage any action item or task related to vendor or third-party
- Harness advanced business intelligence insights with Predict360’s embedded Tableau reporting engine
Advanced Third-Party Risk Intelligence with AI-Powered Predict360
Predict360 advanced third-party reporting and dashboard capabilities provide visibility into the risk and status of all vendors, enabling organizations to monitor vendors closely and quickly resolve vendor risk-related issues.
- Track the performance of all third parties in one easy-to-use system
- Store information on all related issues and problems
- Easily audit performance by viewing all historical vendor problems and issues in just a few clicks
- Complete vendor life cycle management – from onboarding to service delivery
- 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
Complimentary Datasheet
Predict360 Third-Party and Vendor Risk Management Datasheet
Third-Party Risk Management Challenges
Manual VRM or TPRM programs cannot keep pace with an evolving third-party risk landscape and associated regulatory obligations. The use of disparate software tools – such as email, spreadsheets, shared drives, ticketing systems, etc. – often create barriers to effective vendor risk management.
The top challenges when using a manual approach to manage third-party risks are:
- The role of third parties is critical, but financial organizations often have limited visibility into performance
- Lack of document management can result in accidental non-compliance
- Regulators are increasing 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
Predict360 VRM Automates the Third-Party Risk Management Lifecycle
The Predict360 Third Party Risk Management Solution enables risk and compliance departments to manage the entire third-party risk management lifecycle on a single platform. 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 Software 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.
Why Choose 360factors?
360factors empowers organizations to accelerate profitability, innovation, and productivity by predicting risks and streamlining compliance.
Complete GRC
All the GRC tools you need integrated in one solution
Basic to Enterprise
From simple risk assessment to complete risk register and control testing
Speed & Execution
Insights into your risk program & control effectiveness
Fast Implementation
The cloud-based solution can be integrated within days
Flexible and Modular
Pick the modules you need for your business
Easy to Use
Automation and an intuitive interface ensure ease of use
Learn How 360factors Empowers Customers to Manage Their Risk and Compliance Programs with Ease.
We look forward to working with 360factors to advance our enterprise risk and compliance programs for the bank while increasing the products and services we offer to the community.
Mark Casel Chief Risk Officer
We selected Predict360 due to its ease of use, banking industry design, and endorsement by the American Banker’s Association.
Eric Sprink President & CEO
Predict360’s banking workflows, risk library content, and endorsement from the American Bankers Association are a great fit for our bank.
Julie Dahle EVP and Chief Risk Officer
Predict360’s out-of-the-box applications designed specifically for banks our size along with their banking content was a significant influence in our selection of 360factors.
John Dunne EVP Chief Risk Officer
As part of our initiative to expand our products and services, we wanted to enhance our enterprise risk and compliance management to support this growth. Predict360 will enable our team to meet these goals efficiently.
David Claussen Chief Risk Officer
360factors’ solutions, powered by artificial intelligence, enables our organization to adapt and respond effectively to the ever-changing regulatory compliance landscape.
Joanna Chancellor Business Support Manager
The powerful features combined with the easy implementation of the cloud solution made Predict360 a great fit for our organization.
Steve Parker Chief Executive Officer
We believe our collaboration with 360factors and the technology they bring supports our vision for the future.
Gina Anonuevo Chief Compliance Officer
Deploying Predict360 is another step by us towards becoming a more streamlined and efficient organization.
Crystal Barnes Regulatory Compliance Specialist
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