Get a clearer picture of the risks posed by vendors and third parties.
Automating your third party vendor risk management program on MyComplianceOffice will deliver a clearer picture of the risks you face from vendors and third parties, regardless of the depth or scale of their relationship with you. Our solutions are based on best practice in the category and you can click this link to see our work on The Development of Third Party Risk Practices.
Vendor risk management is an emerging area for many organizations, so you can see what your peers are doing by downloading our research study of 240+ companies from around the world here: Vendor Risk Management Report
Building a Third Party Risk Management Framework
Third parties come with a health warning and you are charged with managing and mitigating these risks. To manage the complexity of multiple vendors, dealing with multiple departments in your organization, possibly across multiple jurisdictions, you will need to automate the program.
When specifying your third party risk software solution, you will need to build a framework that covers both the Initial Setup Stage and the Ongoing Monitoring Stage. For more information click on the items below or on the links at the side of the page:
Initial Setup Stage
Identifying the risks created by your firm’s use of third parties
Defining your policies and procedures for monitoring third parties
Ongoing Monitoring Stage