ServiceNow's Third-Party Risk Management (TPRM) is a comprehensive SaaS solution designed to centralize and automate the management of third-party risks. It enables organizations to take control of the entire third-party risk lifecycle, from onboarding to retirement, by streamlining assessment processes, enhancing visibility, and improving decision-making.

Key Features

Onboarding and Due Diligence Automate assessment processes throughout the third-party relationship lifecycle

• Perform due diligence at all stages with built-in automated processes
• Streamline onboarding, offboarding, and renewals

Centralized Management Consolidate third-party information and risk management activities

• Single database for third-party information, eliminating spreadsheets
• Dedicated workspace for managing third-party performance and risk

Risk Intelligence and Monitoring Integrate risk data for continuous insights and monitoring

• Incorporate targeted risk intelligence scores and ratings
• Maintain consistent oversight between assessments

Collaboration and Issue Management Facilitate communication and problem-solving

• Third-party portal for centralized risk management activities
• Automate issue generation and design remediation plans
• Real-time chat for quick issue resolution

Benefits

Enhanced Risk Mitigation Strengthen organizational resilience through improved risk practices

• Embed risk practices into onboarding processes
• Connect critical stakeholders and streamline procurement
• Drive compliance for better business continuity

Increased Visibility Gain comprehensive oversight of the third-party ecosystem

• View assessment status, issues, and tasks across all third parties
• Maintain continuous awareness of changes impacting the third-party portfolio

Improved Decision-Making Make informed choices based on comprehensive risk data

• Identify emerging risks through assessments and continuous monitoring
• Contextualize third-party risk within business workflows
• Enhance information quality to support better decisions