SAI360 Third-Party Risk Management (TPRM) / Vendor Risk Management is a cloud-based solution designed to identify, assess, monitor, and manage risks associated with vendors, suppliers, and other third parties. It supports structured onboarding, due diligence, risk assessment, ongoing monitoring, and issue remediation processes. The solution centralizes third-party information, links vendor risks to enterprise risk and compliance frameworks, and documents oversight activities. As part of the SAI360 governance, risk, and compliance platform, it integrates with policy, audit, risk, and compliance modules to provide consistent and traceable third-party risk governance.

Key Features

Third-Party Inventory Management Maintain a centralized register of vendors and third parties.

• Consolidated vendor profiles
• Categorization by risk level, service type, or region

Risk Assessment and Due Diligence Evaluate third-party risk exposure.

• Configurable risk assessment questionnaires
• Risk scoring and classification

Onboarding and Lifecycle Management Control vendor engagement from initiation to termination.

• Structured onboarding workflows
• Periodic reassessment processes

Ongoing Monitoring and Issue Management Track vendor performance and risk over time.

• Monitoring of compliance and risk indicators
• Tracking of remediation actions and findings

Workflow and Approval Management Ensure accountability and governance oversight.

• Role-based task assignments
• Automated notifications and escalations

Integration with Enterprise GRC Processes Align third-party risk with broader governance programs.

• Linkage to enterprise risk registers
• Connection to policy, audit, and compliance records

Reporting and Audit Trail Provide transparency and regulatory evidence.

• Dashboards and status reporting
• Complete documentation of assessments and decisions

Benefits

Improved Visibility into Third-Party Risk Centralize and structure vendor risk oversight.

• Clear view of high-risk vendors
• Consistent risk classification framework

Reduced Operational and Compliance Risk Identify and mitigate vendor-related risks proactively.

• Standardized due diligence processes
• Ongoing monitoring and reassessment

Demonstrable Regulatory Compliance Maintain documented oversight of third parties.

• Audit-ready evidence of assessments
• Traceable remediation and approvals

Operational Efficiency Automate manual vendor risk processes.

• Configurable workflows
• Reduced reliance on spreadsheets and emails

lignment with Enterprise Risk Management Integrate vendor risk into broader governance activities.

• Consistent reporting within the SAI360 platform
• Connection to risk, audit, and compliance functions