Third Party Risk Management (TPRM) is a module enabling organizations to control costs, drive service excellence and mitigate risks to gain increased value from their Third Parties (e.g. vendors, suppliers, or distribution partners) throughout the life-cycle while ensuring compliance with applicable regulations and standards.
Grace Connect provides an integrated operating platform where different third parties data are assembled to support the management of third party risk effectively.
It is commonly observed that data repository of Third-parties are dispersed across the organization, without a single repository. Furthermore, the update and maintenance of such repository of Third Parties requires time and administration, which is often not dedicated or even not performed at all.
Update of documents (i.e. contracts, data processing agreements, service level agreements) is also often fragmented.
Due to confidentiality of information (e.g. distribution agent commission agreement) a sound Identity and Access Management is implemented to support the management of Third-Parties. Finally, risks generated by activities carried out by Third Parties remain the accountability of your organization.
Grace Connect platform provides tools and workflow needed to integrate, manage, and stay on top of third parties feeds so that every third party receives a special attention they deserve, and more importantly continue to support business activities in a safe and sound manner.
The platform allows also to seamlessly integrate Third-party data from any source and normalize product information according to existing standards, and to run Third Party risk assessment (as part of the regular due-diligence process).
Aggregated data about the third parties can be easily queried, filtered and reported. More importantly, Third Party data are available across all modules of Grace Connect GRC Suite, hence available to perform a risk assessment, a ROPA, threat assessment, etc.