TPRM is a process that entails detecting, analyzing, and mitigating various risks that arise during the lifetime of your connections with third parties. It necessitates visibility of all third parties with whom an organization works to serve their customers and operational operations.
The goal of TPRM is to guarantee that your organization’s third-party risks are adequately identified and controlled. The TPRM process is frequently initiated during the procurement phase and should be continued until the off boarding process is completed.
Potential third-party risks can be classified as follows:
The Grow Flux solution can help you overcome many of these TPRM issues.
When automating your Third Party Risk Management process, follow these five stages.
Identify
Identify and collect the relevant data needed before employing automation to improve your TPRM process. Policies, relevant third parties, stakeholders, your existing risk assessment, and so on are all included.
Digitise
On the Grow Flux platform, upload your data. Then, either use Flux’s pre-built surveys and risk rating, or integrate your own questionnaires and processes.
Assess
Conduct a risk assessment of the third parties you’ve chosen. To expedite the risk assessment process, automate workflows, follow-ups, and tracking.
Report
You can keep track of how your assessments are progressing in real time. View your third-inherent party’s and residual risk ratings, or get detailed reports on specific third-parties. You can also tailor the reporting to your own requirements.
Respond
Assign and track the risk items discovered during your third-party risk assessment until they are resolved. Finally, provide an update on the status of your repair activities.
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