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.
Your Guide to the CCPA
Your company could be affected by the California Consumer Privacy Act, whether or not you do business in California today. Download our e-book to understand the scope, business impact, and required enforcement of the CCPA.
RFP Template for GRC
Are you actively starting an RFP process for a GRC solution? Kick things off with Riskonnect’s list of the most critical GRC-related questions. This downloadable spreadsheet can be easily modified to suit your needs.
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the way you view risk.