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.
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.
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.