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How Third-Party Risk Software Can Change Your Vendor Management World

3 min read
Featured Image

When it comes to managing third-party risk management, we’ve seen it countless times: less mature third-party risk management programs almost always fall back on the good ole Excel spreadsheet. The problem is, that’s not what Excel was really built for… at least not for something as complex as third-party risk management. But, when organizations finally make that realization, they’re faced with another issue: puzzling out which software and what features will best meet their needs. As with every software available, no two options are created equally. Each will have their own unique set of features.  

Technology is drastically changing all industry functions, and third-party risk management is no exception. Many organizations are still working through transitional issues when it comes to tech adoption. But truly, making the move to a software solution can completely turn your third-party risk world on its head to boost efficiencies, increase business at the consumer transactional level and drastically improve internal risk management procedures.

Selecting a Third-Party Risk Software

When selecting software, it’s important to understand what your primary pain points are, but in addition to known pain points, there may be some other areas of your third-party risk program that can be automated that you didn't even account for – making it that much better. Before purchasing, it’s important to consider options that can help streamline and consolidate resources, which, for many organizations, justifies the expense.

4 Areas Third-Party Risk Software Helps

Here are four areas third-party risk software creates drastic changes and efficiencies in overall processes:

  1. Streamlined contract management. Gain complete control and management of your contracts by using third-party risk software to:
  • Set reminders of upcoming expiration dates
  • Customize notification timelines
  • Keep vendor owners and risk managers all on the same page by having risk and contract information all in the same place
  1. More efficient data collection processes. Forms within the system itself can be used to collect information from various parties, such as vendor owners and/or the vendors themselves. This eliminates the need to manually enter various documents into the system. Instead, you can automate the collection of data and documentation through:
  • Creating a library of questionnaires (RFP, InfoSec, etc.)
  • Automation of questionnaire lifecycle (send, response, review)
  • Securing vendor portal to submit response and artifacts
  • Tracking progress against deadlines
  • Saving responses and documents in-app
  1. Automating risk assessment processes. Automate and streamline how you assess and score risk on all your vendors by:
  • Configuring templates and answer format questionnaires
  • Inviting co-workers for collaboration
  • Leverage existing templates to maximize the software capabilities in assessing and mitigating risk
  • Assessing inherent and residual risk and reevaluating residual risk as needed
  • Easy reporting on risk assessment progress and results
  1. Better mitigation of risk through increased monitoring and oversight. Oversight is critical, but often a cumbersome task. With the right features you can:
  • Create vendor profiles to set monitoring, oversight and control requirements
  • Create and assign oversight tasks to any user
  • Record results of tasks/review and easily access assessment and task results
  • Store all historical risk rating report history
  • Run vendor oversight status reports for senior management, the board and examiners

Third-party risk management is a process that has touchpoints throughout your organization. And, adapting a software can truly advance the maturity of your entire organization. Software, up until now, has been the missing link in effectively managing a vendor panel which requires an increasing level of oversight. Add a good vendor management software to your arsenal and mark this off your to-do list, for good

Take a dive deeper into vendor management and see the ROI that your organization can achieve. Download the eBook.

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