Many organizations rely on vendors and third-party suppliers for success, but this also presents significant risks. The key is to ensure that vendors are supported in doing their job without compromising your company in the process. However, monitoring a large number of vendors can be challenging, and failing to do so could have severe consequences.
Existing Challenges in Third Party Risk Management
A Proactive Approach to Managing Third Parties
Wissda has partnered with Riskonnect’s Third-Party Risk Management solution to create a single, cloud-based platform that consolidates all your vendor information and tracks third-party relationships in real-time. This includes monitoring agreements, contracts, policies, and access credentials related to third-party suppliers.
Third-Party Risk Management Solution
Our Third-Party Risk Management solution streamlines and automates tracking and monitoring of third parties so you can quickly identify high-risk suppliers, collaborate on assessments, and focus your time on more strategic activities.
Assessments
Automatically reassesses every vendor according to the schedule you determine and sends alerts if anything is out of compliance.
Certificate Management
Streamlines management and compliance tracking of agreements, contracts, policies, and access credentials to reduce exposures from third parties.
Dashboards
Communicates vendor status quickly and effectively through highly visual dashboards.
Onboarding
Accelerates the onboarding process of third-party suppliers with a dedicated portal and customized questionnaires.
Reporting & Analytics
Combines powerful analytics with intuitive and flexible report design tools to help you make better decisions around your risk data.
Risk Rating
Calculates a risk score and overall classification for each third-party supplier to identify your riskiest vendors.
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