Third-Party Risk Management
Part of the NAVEX IRM Solution
Third parties are integral to business operations. As your outsourcing needs grow, so does your risk. Third-Party Risk Management, a part of the NAVEX IRM solution, places your suppliers’ and vendors’ risk in the context of your business to enable you to better evaluate their performance.
Collects risk information including operational, information security, financial, and compliance-related risks. Creates dynamic assessments using prebuilt questions based on standards and regulations to obtain relevant vendor information. Automatically generates a score to determine the risk profile of a third party across different risk categories.
Links third parties to policies, risks, controls and more. Provides documentation and context for your organisation and your vendors. Ensures third parties take proper security measures and meet your expectations when outsourcing work or handling your data.
Monitors and gains insights into how third parties operate, how they secure your data, and confirms compliance throughout the relationship to reduce risk of breaches. References relationship history for performance review and management. Leverages intelligence feeds from content providers for continuous monitoring. Groups third parties by role or type to segment the survey types or frequency for different vendor sets.