Third-Party Risk Management

Measure Your Program Outcomes

• **80% **reduction in third-party onboarding time
• **50% **decrease in the time and costs to complete supplier assessments and identify risks

Bolster Visibility into Third and Fourth-Party Risks

MetricStream Third-Party Risk Management (TPRM) software, built on the MetricStream Platform, provides an integrated, real-time view of the extended enterprise (such as your vendors, suppliers, and contractors) to protect your business from existing third-party or even potential fourth-party risk exposure. The product automates end-to-end processes for information gathering, onboarding, real-time monitoring, risk, compliance and control assessments, and risk mitigation. An integrated and federated approach helps organizations to better manage third-party risks building trust and confidence in third-party relationships and facilitating mutual growth.

How Our TPRM Software Helps You

Structured Third-Party Portal

View third-party profile information, including products or services provided, bank details, spend, ongoing assessments, contracts, country, issues, certifications, due diligence status, risk rating, and associated business units. Use the intuitive portal to search for and find third parties based on multiple criteria. Allow identified third parties access to the system to submit, update, or upload relevant information.

Streamlined Intake and Request Process

Simplify third-party intake across departments through a user-friendly portal. Automate the evaluation of risks for each third party or engagement and define the frequency of periodic assessments. Enable risks to be mitigated before onboarding. In addition, integrate with alerts from reliable external sources to screen and verify third-party information.

Continuous Assessment of Inherent Risk

Automatically validate third-party information and identify “red flags” based on globally sourced content on various associated risks. Subscribe to alerts based on the criticality of third parties. Upon reviewing the alerts, assign a risk rating to third parties and trigger risk assessments. Automatically create issues based on breach of pre-defined thresholds.

Segmentation of Third and Fourth Parties

Enable consistent third and fourth-party risk and compliance assessments with pre-defined questionnaires. Conduct ad-hoc assessments based on risk intelligence from external sources, incidents, performance failures, or business insights. Automatically calculate risk scores based on the responses. Aggregate risk scores to determine the overall third-party risk posture.

Robust Performance Management with Third-Party KPI Scores

Assess and track each third party’s key performance indicator (KPI) scores leveraging assessments. Enrich internal scores with risk data from various internal systems, databases, content providers, and results of audits, assessments, and inspections. Leverage scorecards to monitor performance and proactively identify potential failures.

Structured Approach for Assessing Business Continuity Risk from Third Parties

Capture and track the business continuity plans of the third parties and gain a holistic view of overall business continuity risk. Source information on potential and actual hazards due to geophysical events through integration with content providers.

Systematic Audit Assessment of Third Parties for Better Evaluation

Conduct onsite audits or online audit assessments of third parties. Streamline the audit process including information gathering, field work, reporting, and issue remediation. Design or modify assessments to evaluate third parties based on multiple parameters.

AI-Powered Smart Issue Management for Accelerated Response Strategy

Leverage AI/ML to quickly identify issues based on relation and recommend issue classification. Automate creation, management, and monitoring of actions for issues and findings. In the event of a third-party contract breach or expiration, as well as incidents of non-compliance or dissatisfaction, simplify third-party off-boarding with in-built workflows and checklists.

Integration of Trusted Content Sources

Incorporate relevant, authoritative intelligence from external sources for improved risk assessment of third and fourth parties. Deepen visibility into third-party risk, including financial health data, anti-bribery and anti-corruption data, and ESG and security ratings, from trusted sources such as Dow Jones, D&B, BitSight, and more.

Actionable and Intelligent Insights with Intuitive Dashboards and Reports

Leverage powerful reports, analytics, and business intelligence capabilities to help management teams make informed decisions based on a sound understanding of third-party risks, compliance, and performance. Compare third-party assessment scores for each product or service type and track how third parties are improving over time. Enable third parties to monitor their progress through graphical reports and dashboards.

Benefits

• Manage third-party risk across the lifecycle, from onboarding through offboarding
• Prevent third-party risk incidents and enable continuity of operations through quick and intelligent risk assessments
• Enhance third-party consolidation, rationalization, and visibility across businesses, spend, and risk exposure, and accelerate responses to risk events
• Build confidence in sourcing and negotiation decisions by leveraging historical data on third-party risks and performance, as well as the time taken to close issues