A robust TPRM platform comes with a wide range of features that make managing third-party risks more efficient and effective.
One of these is the inclusion of configurable due-diligence questionnaires. These are seamlessly embedded into the system and automatically sent to third parties when needed. The information gathered from them, along with data from public databases, watchlists, and internal systems, kickstarts the screening and due diligence process. Platforms can automatically assign risk scores based on the data collected, giving a clear picture of the third party's risk profile.
Continuous monitoring is another crucial feature. Once third parties are onboarded, the platform continuously screens them against watchlists to track any changes in their activities. This ongoing surveillance ensures that potential risks are promptly identified and managed. The platform also prompts third parties to recommence the full screening and due diligence process when their current status nears expiration, keeping everything up to date.
When it comes to reporting, TPRM platforms provide an assortment of tools which might include comprehensive data visualisation, dashboards, and detailed reports on third-party risks. These tools help organisations stay compliant with regulatory requirements and make informed decisions based on real-time data.
Automated workflows and approval processes add another layer of efficiency. Platforms use conditional logic to trigger specific actions based on an assigned risk level. For instance, a high-risk third party might automatically be taken through a more extensive multi-step approval process.
TPRM tools can integrate with other applications, such as Enterprise Resource Planning (ERP) systems, to provide a comprehensive view of risks across an entire organisation. Another example of integration is the use of data feeds like Refinitiv and Dow Jones to enrich the risk assessment process.
