Digital Third-Party Risk & Compliance Management & Key Challenges

Digital Third-Party Risk & Compliance Management & Key Challenges

Third-party involvement in the modern business world has become a norm knowing the enormous supply chain efficiencies from specialization they promise. The lack of a cohesive approach in managing compliance and risks management aspects involving third parties has become a major challenge across industries constraining optimization of speed to market and cost of operations. The e2e value chain of today’s companies depend on third-party performance and its ability to proactively be informed of the supply chain constraints to keep their business performing at peak level. There are many interruptions and elevated risks that could affect third-party (Vendor, Partner, Statutory, etc) operations such as financial, supply chain, natural disasters, and geopolitical issues. The increased risk of such compounded challenges calls for a streamlined, integrated, robust, self-managed, proactive Digital Third-Party Risk & Compliance Management solution that assures implementation of

  1. Standardize third party management processes globally for On-boarding, Qualification, Due Diligence, Risk Assessment including Performance, and Termination
  2. Policy & Compliance management across one or more business/products/services
  3. Regulatory management and upkeep of ever-changing requirements
  4. Periodic Monitoring and Risk Assessment including Performance
  5. Third-party Issue Tracking &  Action
  6. Performance and Analytical Reporting

Some of the out-of-the-box quick success solutions include:

  • End-to-end supplier management including onboarding, maintenance, monitoring, performance tracking, and off-boarding
  • Online questionnaires and workflow to streamline the due diligence and follow on risk assessment processes
  • Self-service supplier portal to onboard new suppliers in the digital way
  • Document collection, supplier alerts, audit trail
  • Integrations to Third Party content providers and other packaged products

Value Proposition
Vivid Edge as a System Integrator and Implementation expert can evaluate your end to end Third Party business needs to showcase the recommended TPM/GRC solutions roadmap and could bridge gaps as needed. While establishing a uniform, integrated & automated process, the solution can proactively flag and help avert risks & compliance gaps to avoid delays / re-works and most importantly help avoid large unexpected costs including compromise of brand and reputation.
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