Third Party Management with GRC

Third Party management is effectively implemented in GRC Platforms to preserve successful operations. Most common third party management use cases that are utilized within GRC Platforms are: 

  • Third Party Risk Management
  • Third Party Performance Management
  • Third Party Security Management
  • Third Party Relationship Management
  • Third Party Privacy Management
  • Third Party Contracts Management
  • Third Party Compliance Management
  • 4th Party Management

Related GRC Software Features

GRC Platforms have several functionalities to effectively onboard and manage 3rd and 4th parties with high quality data and increased visibility. Some of relevant GRC software functionalities are listed below: 

  • Risk and control libraries
  • Pre-defined reporting templates
  • Real time risk monitoring
  • Auto-initiated risk reviews
  • Integrations to other vendor systems
  • Approval workflows
  • Pre-defined SLA and Third Party metrics
  • Issues and Task Management

Process Level Benefits

Implementing third party management processes with a GRC software provides rapid benefits on the maturity of the managing third parties and related risks, issues, metrics and other linkages that effects the business. Here are some process level benefits listed below: 

  • Profiling of Third and 4th parties with high quality data
  • Effective involvement of Third Party onboarding process
  • Visibility on engagement risks
  • Easier MSA and Contract Reviews
  • Managing 3rd Party related all findings and remediation plans

Integrated GRC Benefits

Implementing third party management process with a GRC software has extreme benefits on other relevant processes such as Risk, Compliance, Audit, Security, Privacy  and Business Continuity Management. Some of these benefits are listed below: 

  • Better visibility of the 3rd party impact on compliance
  • Managing data flows more effectively through 3rd parties
  • Involving 3rd party risks, incidents and issues to registers
  • Improved analysis of 3rd party impact to business continuity plans
  • Increased and enforced Health & Safety practices to 3rd parties  –  Let us show how GRC Third Party Management Solutions work!

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