THIRD-PARTY RISK MANAGEMENT
Minimize the downside of working with third parties so you can maximize the upside.
Protect Yourself from Third-Party Missteps
Vendors and other third-party suppliers are critical to the success of most organizations – but they also pose considerable risk.
Riskonnect’s Third-Party Risk Management solution brings all of your vendor information together into one, cloud-based platform that monitors third parties throughout the entire relationship.
A Proactive Approach to Managing Third Parties
The software tracks in real time everything that relates to third-party suppliers, including agreements, contracts, policies, and access credentials.
- Compiles important details and documentation for all third parties, including your vendors, your vendors’ vendors, and channel partners.
- Automates workflows to save time and improve reliability.
- Provides a portal for vendors to submit responses.
- Vets potential vendors thoroughly and consistently.
- Constructs appropriate questionnaires based on vendor type.
- Calculates a risk score and overall classification (e.g., high, medium, low) for each vendor.
- Tracks vendor issues – and verifies that they have been resolved.
- Automatically reassesses each vendor according to a set timetable.
- Creates an audit trail of documentation.
- Sends alerts when documents are expiring.
- Easily communicates third-party risk with dashboards and point-and-click reports.
Riskonnect’s Third-Party Risk Management solution streamlines and automates tracking and monitoring of third parties so you can quickly identify high-risk suppliers, collaborate on assessments, and focus your time on more strategic activities.
See how our Third-Party Risk Management solution works.
Because of Riskonnect, we were able to move forward with a new piece of business. We were able to expand operations team revenue growth – and increase vendor compliance. Onboarding is a very seamless process for our team and for our vendors.
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Find out how
Riskonnect can transform
the way you view risk.