Global Third-Party Risk Management Solutions
Secure & Comply with Regulations
Manage and mitigate third-party risks with our comprehensive global Third-Party Risk Management (TPRM) solutions. Ensure compliance with DORA, UK Operational Resilience, APRA CPS 230, and other global regulations while strengthening vendor oversight and resilience.
As regulatory scrutiny on third-party risks increases worldwide, organizations must proactively assess, monitor, and mitigate risks associated with vendors, suppliers, and service providers. Non-compliance can lead to financial penalties, reputational damage, and operational disruptions.
Why Choose Us?
Unified
View
Gain a comprehensive, integrated view across all resilience pillars, providing a holistic approach to third-party risk management.
Improved
Collaboration
Enable seamless digital collaboration for data collection across internal teams and vendor stakeholders, ensuring efficiency and accuracy.
AI-Powered Contract
Assessment
Utilize Gen AI-based technology for automated contract assessments, identifying potential risks and compliance gaps.
Policy
Verification
Leverage Gen AI to automatically verify compliance with organizational and regulatory policies, reducing manual effort and ensuring consistency.
Sentiment
Assessment
Analyze sentiment for a deeper understanding of vendor relationships and stakeholder feedback.
API Integrations
Integrate seamlessly with third-party risk intelligence providers through APIs, enhancing risk insights and decision-making.Solution Components
Vendor Management
Vendor Management
Centralise vendor data for a unified view, customised insights, risk tracking, and regulatory compliance
Data Capture Forms & Workflows
Data Capture Forms & Workflows
Centralise vendor data for insights, risk tracking, and compliance using custom forms and workflows in collaboration with stakeholders.
Register of Information
Register of Information
The module includes a ready-to-use ROI form, fully compliant with DORA, with built-in linkages between sections.
Document Management
Document Management
Collect, validate and store all critical vendor documents. Auto validate compliance with Gen AI – Magpie
Vendor Materiality Assessment
Vendor Materiality Assessment
Evaluates potential third parties before onboarding, assessing their financial stability, compliance, security practices, and overall risk profile
Vendor Categorization
Vendor Categorization
Categorize third parties by risk type and impact, enabling targeted risk management strategies on a continuous basis.
Vendor Controversies & ESG
Vendor Controversies & ESG
Evaluate vendors’ ESG impact to ensure alignment with sustainability and corporate goals.
Security Threat Detection
Security Threat Detection
Monitor and manage security threats in real-time via integration with Wazuh APIs.
Vendor Diagnosis
Vendor Diagnosis
Evaluate performance, reliability, and compliance using collected data. Continuously monitor controls for informed decisions and industry compliance.
Vendor Risk Assessment
Vendor Risk Assessment
Centralise vendor data for a unified view, customised insights, risk tracking, and regulatory compliance
Reports & Dashboards
Reports & Dashboards
Use intuitive dashboards and custom workflows to embed compliance seamlessly into operations.
Real-Time Notifications and Alerts
Real-Time Notifications and Alerts
Use intuitive dashboards and custom workflows to embed compliance seamlessly into operations.
Key Features
Effectively assess, monitor, and mitigate risks associated with third-party suppliers while ensuring compliance with global regulations.
Help organizations streamline their contract vetting processes, reducing manual work and increasing efficiency.
Pre-configured Register of Information (ROI) formats designed to meet regulatory requirements out of the box, helping organisations efficiently capture, manage, and maintain critical third-party risk and operational resilience data.
Streamline your Third-Party Risk Management with flexible digital forms designed to quickly capture critical vendor information. Whether it’s vendor onboarding, assessment, due diligence, or compliance checks, effortlessly create, configure, and share customised forms with internal stakeholders or vendors.
Stay ahead of potential risks by proactively tracking vendor activities and capturing real-time digital information from authenticated public sources. Our solution categorizes vendor-related news into positive and negative segments, for identification of emerging risks.
Frequently Asked Questions
What are some key regulations related to TPRM?
Key regulations include:
- Basel Guidelines: Requires financial institutions to manage operational risk, including risks from third-party relationships.
- EU’s Digital Operational Resilience Act (DORA): Mandates operational resilience requirements for financial entities, focusing on managing third-party risk.
- Australia’s APRA CPS 230: Requires regulated entities to manage operational risks and maintain resilience, with a specific focus on third-party risk.
- GDPR (EU): Imposes strict data protection requirements, affecting how third-party vendors handle and secure personal data.
- SOX (USA): Demands internal controls over financial reporting, impacting third-party relationships.
- NYDFS Cybersecurity Regulation: Sets cybersecurity requirements for financial services, including vendor management standards.
What are the main components of a TPRM program?
A robust TPRM program generally includes:
- Risk Assessment: Evaluating third-party risks based on services provided, access to data, and impact on operations.
- Due Diligence: Assessing the third party’s security posture, regulatory compliance, and overall risk management practices.
- Continuous Monitoring: Ongoing assessment of third-party activities and risk levels.
- Contract Management: Ensuring contracts include provisions for compliance, data protection, and incident response.
- Incident Management: Preparing for and managing incidents involving third parties, with clear protocols for response and communication.
How often should third-party risk assessments be conducted?
The frequency of third-party risk assessments depends on the criticality of the vendor and the nature of their services. High-risk or critical vendors are typically assessed at least annually, while others may be assessed less frequently. Regulatory guidelines may also specify assessment intervals.
How do TPRM regulations impact contract management with third parties?
TPRM regulations often require organizations to include specific clauses in third-party contracts. These may cover areas such as data protection, regulatory compliance, right-to-audit, incident response obligations, and requirements for continuous risk monitoring. Properly structured contracts help ensure third-party accountability and reduce regulatory risk.
How does GDPR affect TPRM practices?
Under GDPR, organizations are responsible for ensuring that their third-party vendors comply with data protection regulations. This includes verifying that third parties use appropriate security measures for personal data and fulfilling data subject rights requests. GDPR requires organizations to conduct due diligence on vendors and include data protection clauses in contracts.
Can TPRM reduce operational disruptions in banking?
Yes, TPRM identifies high-risk vendors and ensures contingency plans are in place to prevent service outages or failures affecting core banking operations.
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