Nadir • Third Party Risk Management (TPRM)
Nadir • Third Party Risk Management (TPRM)
Description
Third party risk management is very important because its failure leads to data breach and reputational damage.
Establishing an effective third party risk management throughout the lifecycle - from onboarding to offboarding - is essential to ensure compliance. It needs a strategic approach and its process can be complex: it is becoming increasingly resource-intensive and extremely challenging to be done manually.
Key Functionalities
Sirighi’s Third Party Risk Management solution helps to:
- Keep all third parties inventories in one place.
- Automate the onboarding process.
- Record all risks.
- Assign risk score and perform risk aggregation.
- Keep track of the recertification process.
- Send automated email alerts.
- Monitor and report third party’s risk and critical metrics.
Benefits
With our application firms can:
- Ensure both reputation and quality of services are not damaged.
- Help to address future risks in less time, using fewer resources and at a significantly reduced cost.
- Generate reports that provide a complete overview of risks associated with third parties.
- Drive operational and financial efficiencies.