What is third party risk management ?

Third-party risk management refers to the process of identifying, assessing, and mitigating risks that arise from a company’s relationships with third-party vendors, suppliers, contractors, and partners. These risks can include financial risks, regulatory compliance risks, data security risks, and more.

Predict360’s third-party risk management software likely offers features such as:

Vendor Due Diligence: Helping companies assess the risk level associated with potential vendors or partners before entering business relationships.

Risk Assessment and Scoring: Evaluating and scoring the risks associated with various third-party relationships, allowing companies to prioritize and allocate resources accordingly.

Regulatory Compliance Monitoring: Keeping track of regulatory requirements and changes that affect third-party relationships, ensuring compliance.

Performance Monitoring: Tracking the performance and adherence of third parties to established agreements and standards.

Issue Tracking and Remediation: Managing and addressing any issues or breaches that arise with third parties.

Data Security and Privacy: Ensuring that third parties handle sensitive data in accordance with data protection regulations and company standards.

Reporting and Analytics: Generating reports and insights to facilitate decision-making and demonstrate compliance efforts.