MetricStream Third-Party Risk Management software, built on the MetricStream Platform, provides an integrated, real-time view of the extended enterprise including third parties (such as your vendors, suppliers, and contractors) to protect your business from existing third-party or even potential fourth-party risk exposure. The product automates end-to-end processes for information gathering, onboarding, real-time monitoring, risk, compliance and control assessments, and risk mitigation. An integrated and federated approach helps organizations to better manage third-party risks building trust and confidence in third-party relationships and facilitating mutual growth.
Third-Party Risk Management
Make Informed Sourcing Decisions to Strengthen Your Business Resilience
Third-Party Risk Management
Measure Your Program Outcomes
- 80%
reduction in third-party onboarding time
- 50%
decrease in the time and costs to complete supplier assessments and identify risks
Bolster Visibility into Third and Fourth-Party Risks
MetricStream Third-Party Risk Management (TPRM) software, built on the MetricStream Platform, provides an integrated, real-time view of the extended enterprise (such as your vendors, suppliers, and contractors) to protect your business from existing third-party or even potential fourth-party risk exposure. The product automates end-to-end processes for information gathering, onboarding, real-time monitoring, risk, compliance and control assessments, and risk mitigation. An integrated and federated approach helps organizations to better manage third-party risks building trust and confidence in third-party relationships and facilitating mutual growth.
How Our TPRM Software Helps You
Structured Third-Party Portal
View third-party profile information, including products or services provided, bank details, spend, ongoing assessments, contracts, country, issues, certifications, due diligence status, risk rating, and associated business units. Use the intuitive portal to search for and find third parties based on multiple criteria. Allow identified third parties access to the system to submit, update, or upload relevant information.
Streamlined Intake and Request Process
Simplify third-party intake across departments through a user-friendly portal. Automate the evaluation of risks for each third party or engagement and define the frequency of periodic assessments. Enable risks to be mitigated before onboarding. In addition, integrate with alerts from reliable external sources to screen and verify third-party information.
Continuous Assessment of Inherent Risk
Automatically validate third-party information and identify “red flags” based on globally sourced content on various associated risks. Subscribe to alerts based on the criticality of third parties. Upon reviewing the alerts, assign a risk rating to third parties and trigger risk assessments. Automatically create issues based on breach of pre-defined thresholds.
Segmentation of Third and Fourth Parties
Enable consistent third and fourth-party risk and compliance assessments with pre-defined questionnaires. Conduct ad-hoc assessments based on risk intelligence from external sources, incidents, performance failures, or business insights. Automatically calculate risk scores based on the responses. Aggregate risk scores to determine the overall third-party risk posture.
Robust Performance Management with Third-Party KPI Scores
Assess and track each third party’s key performance indicator (KPI) scores leveraging assessments. Enrich internal scores with risk data from various internal systems, databases, content providers, and results of audits, assessments, and inspections. Leverage scorecards to monitor performance and proactively identify potential failures.
Structured Approach for Assessing Business Continuity Risk from Third Parties
Capture and track the business continuity plans of the third parties and gain a holistic view of overall business continuity risk. Source information on potential and actual hazards due to geophysical events through integration with content providers.
Systematic Audit Assessment of Third Parties for Better Evaluation
Conduct onsite audits or online audit assessments of third parties. Streamline the audit process including information gathering, field work, reporting, and issue remediation. Design or modify assessments to evaluate third parties based on multiple parameters.
AI-Powered Smart Issue Management for Accelerated Response Strategy
Leverage AI/ML to quickly identify issues based on relation and recommend issue classification. Automate creation, management, and monitoring of actions for issues and findings. In the event of a third-party contract breach or expiration, as well as incidents of non-compliance or dissatisfaction, simplify third-party off-boarding with in-built workflows and checklists.
Integration of Trusted Content Sources
Incorporate relevant, authoritative intelligence from external sources for improved risk assessment of third and fourth parties. Deepen visibility into third-party risk, including financial health data, anti-bribery and anti-corruption data, and ESG and security ratings, from trusted sources such as Dow Jones, D&B, BitSight, and more.
Actionable and Intelligent Insights with Intuitive Dashboards and Reports
Leverage powerful reports, analytics, and business intelligence capabilities to help management teams make informed decisions based on a sound understanding of third-party risks, compliance, and performance. Compare third-party assessment scores for each product or service type and track how third parties are improving over time. Enable third parties to monitor their progress through graphical reports and dashboards.
How Our TPRM Software Benefits Your Business
- Manage third-party risk across the lifecycle, from onboarding through offboarding
- Prevent third-party risk incidents and enable continuity of operations through quick and intelligent risk assessments
- Enhance third-party consolidation, rationalization, and visibility across businesses, spend, and risk exposure, and accelerate responses to risk events
- Build confidence in sourcing and negotiation decisions by leveraging historical data on third-party risks and performance, as well as the time taken to close issues
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Frequently Asked Questions
Your third parties – such as your vendors, supplier and contractors – are an essential part of doing business, but also pose critical risks such as reputational risk, cybersecurity risk, and strategic risk. You assume the risks of your third parties when doing business with them – for example, if they suffer a data breach or act unethically, you too can be liable for financial loss, reputational damage, and much more. In today’s fast-changing world, assessing, managing and monitoring the risk of your third parties is vital to pre-empt risk and safeguard your business.
Yes. MetricStream’s Third-Party Risk Management product is a vendor risk management software designed to help you assess your third parties for risk from when you first start working with them – onboarding – till termination and off-boarding. The vendor risk management software equips you with intelligent dashboards and a user-friendly interface to empower you to conduct due diligence, assess risk, and continuously monitor for changes in risk profiles.
Absolutely. For maximum visibility into the background and risks of your third parties, MetricStream’s risk-based approach enables you to combine your internal data and scoring criteria with built-in scoring models and external content and intelligence (such as BitSight’s cybersecurity ratings, for example) to provide a complete view of risk. You can screen third parties for multiple aspects of risk, including cyber, financial health, anti-corruption, and other relevant criteria.
The challenge of many third-party risk assessment processes is that they’re manual. MetricStream enables you to automate your processes – for example, our built-in artificial intelligence flags anomalies for review, simplifying your scrutiny of security certification reports such as SOC2. Instead of using valuable analyst time, you can divert your resources to strategic, value-added activities and at the same time, manage and monitor more third parties. Remember that risk can come from any supplier – even small or under-the-radar vendors can put you at risk. Assessing as much of your base as possible limits your exposure – and technologies like AI make this possible.
You can explore the MetricStream Integrated Risk Management solution that empowers organizations to manage both current and emerging risks across geopolitical, digital, strategic, third-party, cybersecurity, and compliance areas. To request a demo, click here. Integrated risk management solution demo
Also, you can visit our Learn section to dive deeper into the GRC universe and the Insight section to explore our customer stories, webinars, thought leadership, and more.
