THIRD PARTY RISK MANAGEMENT (TPRM)
RISK RESPONSE MANAGEMENT
THE TPRM SOLUTION
Many of these challenges can be overcome through the use of Phinity TPRM. There are five steps to follow when automating your TPRM process.
Before leveraging automation to mature your TPRM process, identify and collect all relevant data needed, including policies, relevant third parties, stakeholders, existing risk assessment, etc.
Upload your data onto the Phinity platform. Leverage Phinity’s pre-defined questionnaires and risk scoring or embed your current questionnaires and process.
Perform inherent risk profiling of your selected third parties. Automate workflows, follow-ups, and tracking to streamline the risk assessment process.
Track the progress of all your assessment in real-time. View the inherent and residual risk ratings of your third parties or extract detailed reports on individual third parties as needed. Customise the reporting to meet your needs.
Assign and track the risk items identified during your third party risk assessment through to remediation. Report on the progress of your remediation efforts.