Third Party Risk Management

Monitor, assess, and report on third-party vendors and their potential risk to your organization.

The process of third-party risk management entails identifying, evaluating, and minimizing various risks that develop over the course of your relationships with third parties. In order to serve their customers and carry out their daily operations, an organization must have visibility over all third parties with whom they collaborate.

Assuring that your organization's third-party risks are properly recognized and handled is the aim of third-party risk management. Often, the third-party risk management process is started during the procurement stage, and it should be sustained all the way through the off-boarding procedure.

Risks to Your Reputation

Strategic Hazards

Operational Hazards

Risks to the Economy

Regulatory/legislative Risks

The Miles Away Coaching solution can help you overcome many of these TPRM issues

When automating your Third-Party Risk Management process, follow these five stages.

Identify

Identify and collect the relevant data needed before employing automation to improve your TPRM process. Policies, relevant third parties, stakeholders, your existing risk assessment, and so on are all included.

Digitize

On the Grow Flux platform, upload your data. Then, either use Flux's pre-built surveys and risk rating, or integrate your own questionnaires and processes.

Assess

Conduct a risk assessment of the third parties you've chosen. To expedite the risk assessment process, automate workflows, follow-ups, and tracking.

Report

You may monitor the status of your evaluations in real time. View your residual risk and third-inherent party ratings or obtain in-depth information on certain third parties. Additionally, you may modify the reports to meet your specific needs.

Respond

Until they are resolved, assign and monitor the risk items that were uncovered during your third-party risk assessment. Give a final update on how your repair efforts are progressing.

Third Party Risk Management

Monitor, assess, and report on third-party vendors and their potential risk to your organization.

Risks to Your Reputation

Strategic Hazards

Operational Hazards

Risks to the Economy

Regulatory/legislative Risks

The Miles Away Coaching solution can help you overcome many of these TPRM issues

When automating your Third-Party Risk Management process, follow these five stages.

Get Third Party Risk Management Services now!

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