Third Party Assessment

Challenge

Globalization has created a dependence on critical activities outsourced to an increasing number of partners and vendors. There is an inherent risk associated with relying more on third-party relationships and this trend makes it even harder for organizations to accurately calculate risk exposure and properly manage risks within acceptable tolerance levels. In addition, government mandates like FFIEC and PCI require organizations to maintain vendor risk or third-party management programs that track and report behavior. In today's dynamic business environment, it is challenging and costly to collect and track risk data from a global network of third-party vendors and partners. The lack of consistent controls, ineffective third-party assessment programs, and inefficient reporting processes make it problematic for organizations to proactively and reliably measure, manage, and mitigate third-party risk.
 

Solution

Agiliance RiskVision provides the scalability and flexibility to create a repeatable and sustainable third-party risk and compliance management program. RiskVision enables organizations to adopt a comprehensive approach to third-party risk that completely addresses risk and compliance demands. It allows quick turnaround to measuring current third-party risk against any standard, regulation or corporate policy, identify gaps, track remediation efforts, and confidently report on third-party compliance. RiskVision centrally manages enterprise third-party information, controls, risk, evidence, tickets, exceptions, and reports. Configurable workflows enable organizations to easily map their existing third-party assessment processes. Once controls are tested, and risk identified, out-of-the-box reports and dashboards are used to understand the overall view of third-party risk across the organization.

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