Fourth-Party Risk Management

Easily capture information related to fourth parties, including consultants, resellers, agents, facilitators, service providers, sub-contractors, etc., and attach it to your third-party profile. Maintain all data and information in a single, comprehensive repository to improve data consistency, update records and ratings, and eliminate redundancies.

Assess risks and control effectiveness related to the extended enterprise that includes third and fourth parties. Leverage risk aggregation reporting to gain comprehensive visibility into your overall risk exposure for third and fourth parties. Easily navigate risk assessment processes through predefined workflows.

Understand the third and fourth-party risk landscape in a single glance as the software automatically segments third and fourth parties into low, moderate, high maintenance categories based on critical parameters such as type of business, dependencies, locations, access to critical assets and systems, level of risk exposure, potential impact of a risk event, etc. Accordingly define the appropriate level of due diligence activities.

Based on a fourth-party’s category, define the appropriate type of risk assessment required. Trigger risk assessment surveys to determine if each fourth party has established appropriate controls. Quickly spot areas of concern and initiate appropriate action based on aggregated vendor responses. Identify the fourth parties that require an onsite review or additional due diligence and manage the results through issue management capabilities.

Constantly and continuously monitor third and fourth parties for specific fraud, corruption, non-compliance risks, etc. Leverage globally sourced content on various associated risks to automatically validate fourth-party details and identify “red flags”. Trigger automated alerts and notifications to critical fourth parties for completing risk assessments and furnishing additional details.

Gain comprehensive insights into the risk exposure of the fourth-party ecosystem through powerful reports and graphical dashboards. In-built risk heat maps help categorize fourth parties by risk likelihood and impact, thereby simplifying determining the percentage of high-risk fourth parties. Automatic workflows for review and escalation can be triggered based on predefined business rules.