In many organizations third-party risk management is still a new and immature business function with limited staff. Learn how ThirdPartyTrust Enterprise solution can help you improve your TPRM internal process, avoiding TPRM teams struggle to perform onboarding and assessment functions effectively:
- Define your internal TPRM process – TPRM is still new and many TPRM teams are typically understaffed and inexperienced. Due to lack of internal processes, TPRM teams may still be using spreadsheets and email to manage the TPRM process internally with stakeholders and externally with third parties. Eventually, the productivity in the team can be negatively impacted, and ultimately, risk goes unassessed and the business is needlessly left exposed. By implementing a TPRM Platform like ThirdPartyTrust for Enterprise you can ensure a streamlined process, which helps you have a complete tracking of the end to end process. ThirsPartyTrust is the TPRM process automation platform that gets TPRM programs out of email & spreadsheets.
- Improve your cycles and process time – without a clear process and automated online process, TPRM teams can be really slow, inefficient, and a drag to the business, making it challenging for TPRM programs to have a strategic voice in managing enterprise risk. By standardizing assessments, automating interactions and having all your required information online, security analysts get to spend more time analyzing data than collecting it; trust is built and mapped within the third-party ecosystem; and enterprises can simplify and scale their TPRM program while third parties can scale their security response processes.
- Prioritize your assessments and work smart – TPRM Enterprise solution provides the ability to categorize the level of assessment required and tailor the assessment specific to each third-party. We understand NOT ALL ASSESSMENTS ARE THE SAME. ThirdPartyTrust makes it easy to scale and customize assessments to hundreds of third-parties, so you can collect the right information based on the risk level. Additionally, teams can develop a system of labels, rules and filters to manage the overall approval process. Completion is then mapped in a status bar for everyone to see. Filters allow users to drill down to the third-parties that need attention sooner rather than later, and you can also use the labeling system to develop requirement rules around regulation, risk tiers and scores.
ThirdPartyTrust is the only TPRM solution built with a Network Approach for both enterprises and third parties, which offers the most simple, yet comprehensive online SaaS solution to building and scaling third party risk management.
