Annual Vendor Risk Assessment Software
Relying on third-party vendors is a major component of most organization’s daily operations. At LogicManager, we preach that you can outsource the work, but you can’t outsource the risk. Ensure that your vendors are keeping up their end of the bargain with our vendor risk assessments. This will allow you to measure the level of criticality each vendor has to your organization and quantify the level of risk on an objective scoring criteria. This will not only uncover which relationships require resources to mitigate any risks, but allow you to report on the status of your third-party relationships to management, stakeholders, and the board.
This application can be achieved through:
VETTED BY THE BEST FOR THIRD PARTY RISK ASSESSMENTS
Annual Third Party Risk Assessment Solution
Here’s what you can expect with LogicManager’s third party risk assessment:
- LogicManager’s Relationships Taxonomy gives you the ability to determine the criticality of all of your third parties and categorize them accordingly. To help you get started, we’ll provide 7 criteria to measure these vendors against out of the box.
- Recurring tasks can help streamline your reassessment process for each vendor. Ultimately, staying up to date on their potential risks will help you determine if a more granular assessment needs to be conducted within the Plans area of the system.
- Leverage our Third Party Risk Assessment Template for your most critical third parties to get as granular as possible. Copy this assessment from plan to plan to ensure consistency across all assessments, or pull from our centralized risk library to add more unique risks to that particular third party assessment.
- Use a variety of reporting tools to get the most out of your third party risk assessments, including but not limited to a Risk Control Matrix, Risk Assessment Dashboard, Third Party Narrative Report and Third Party Dashboard.
Seamlessly Manage Third Party Risks Across The Enterprise
Maintain a formal third party repository
Having quick insights into the organizations you depend on most is a common best practice for various business purposes, from IT security to BCP and beyond. It’s also a common regulatory requirement and makes it easy to report to auditors, boards and stakeholders.
Gain critical insights
Using LogicManager’s third party risk assessment solution for ERM, you can get as granular as you need to understand how each third party impacts your business. Through configurable questionnaires, you can easily identify which vendors have access to sensitive information, who outsources their processes and much more. Furthermore, these assessments will remain completely objective, providing you with consistently accurate information.
Identify common risks
It’s only natural that many of your third parties share prevalent risks. Leveraging LogicManager’s Taxonomy Insights AI technology, you can easily identify these common risks and eliminate duplicative efforts.
Easily adapt to changes
Your relationships with third parties are dynamic, so it’s important to ensure that you’re reassessing and creating new assessments for third parties as their risk levels inevitably change. Whether their scope of services has expanded, their business model has shifted or their modes of operations have evolved, it’s critical to be able to adapt the way you assess their risks.
Frequently Asked QuestionsFoundations of Third Party Risk Assessments
Not everything in life is black and white, and people and relationships are most certainly filled with grey areas. Given the complexities of humans, evaluating business relationships must involve an extensive, formalized process. While these evaluations should be complex, they shouldn’t be complicated. LogicManager’s third party risk assessments solution is built into our robust ERM software, meaning complexities are streamlined and your job is made easier.
Risks are everywhere, and if you’re not taking a risk-based approach to assessing your third parties, you’re vulnerable to all of the risks associated with your third parties. Let’s say one of your third parties falls victim to a data breach; so does your business and your valued customers. On top of financial losses for your customers (and ultimately your business as you may be held responsible for making up for those losses) this can result in severe reputational damage.
In the case of a third party-related scandal, without comprehensive software, it will be difficult to prove that you were not negligent. This can result in regulatory fines and penalties, along with lost jobs and shareholder value decline.
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Speak with one of our risk specialists today and discover how you can empower your organization to uphold their reputation, anticipate what’s ahead, and improve business performance through strong governance.
