Third-Party Risk Management
Manage third-parties to achieve strategic and operational resilience
Value Proposition
- Optimise the allocation of valuable business resources by identifying key third-parties
- Harmonise third-party risk management with operational risk, business continuity and technology risk management processes
- Improve the quality of business decisions by identifying, analysing and evaluating risks
- Rapidly escalate and report key risks to board and senior management
- Pro-actively monitor third-parties to ensure adequate responses to changing risk exposures
- Fully comply with national and international third-party risk management regulatory requirements
Key solution features
- Manage risks across key third-parties such as vendors, business partners and intra-group business units
- In-built decision-making process to facilitate risk-informed business decisions by understanding the impact of decisions on the key third-parties
- Develop comprehensive understanding of risk by identification of key causes, financial and non-financial impacts and effect on key third-parties
- Out-of-the-box library of methods to facilitate assessment of risks for different business situations (e.g. periodic RCSA, business decision making)
- Prioritise risks through multiple methods to facilitate escalation of key risks to the board and senior management
- Capture incidents and apply learnings to enhance the level of risk management
- Identify issues and weaknesses in the risk environment and implement remediation actions to address these
- Define and monitor key risk indicators to receive early warning of significant risk exposure changes
- Pro-actively monitor emerging threats, trends and best practices within the internal and external business environment
- Facilitate the definition of extreme but plausible scenarios to assess key risk exposures and impacts on the key third-parties
