Third Party Risk

While third party providers remain critical to the success of businesses, every product or service contracted for, presents security related risks that must be identified, assessed, mitigated and reportable to auditors and examiners when required.

Vendor Risk Assessment, Self Service Portal, Contract Management

ComplyScore is a comprehensive Third Party Risk assessment process automation tool that helps obtain a complete view of your Third Party universe and the related risks.

The solution enables a collaborative environment to effectively and efficiently manage the security due diligence, ongoing risk reviews, track contract performance, maintain security posture oversight, capture issue and manage remediation steps.

FEATURES & BENEFITS

ComplyScore greatly simplifies the entire process by targeting the right assessments based on the business conducted, automating the schedules based on risk and tiers, enabling vendors to self service and auto rating of the assessment answers.

The whole process can run in auto-pilot mode.

ComplyScore automates vendor risk management policies by creating the exact & targeted assessments based on the business profile and the risk. This reduces "Does not apply" answers and ensures that none of the compliance requirements are missed.

ComplyScore's assessment tool is the best in the industry. With user friendly layouts, optimized color palettes and minimal clutter, the response rates from vendors completing the assessments are very high.

With seamless integration with ERP applications, flexible import / export capabilities, ComplyScore can easily integrate into your environment greatly increasing your ROI on existing applications

CHALLENGES ADDRESSED

Third Party Assessments (TPA) processes tend to be manual. From initial notifications, to followup to review of XL based responses and creation of mitigation tasks. In addition data comes from frm multiple sources creating additional admininstrative overhead.

ComplyScore automates the entire process from distribution to risk rating to follow-ups leaving the security professionals time to focus on core cybersecurity challenges.
Complex web based solutions lead to low response rates from the Third Parties.

With user friendly layouts, optimized color palletes and minimal clutter, the response rates from vendors completing the assessments are very high.
"The need to demonstrate an effective, efficient and documented third party compliance framework to examiners and auditors requires a unified documentation repository. In addition, all comments and observations related to the documents, any email correspondence or other related correspondence must be available.

ComplyScore provides a uniform repository for documents, observations, correspondence and mitigation tasks and provides a complete dossier per assessment"
Third party assessments invariable lead to mitigation tasks that need to be tracked and managed. In addition certain comments may need to be integrated with Contract Management systems.

ComplyScore provides seamless integration across multiple systems including contract management system.
Infographics on Third Party Risk, Third Party Risk Assessment

DESIGNED TO ADDRESS INDUSTRY NEEDS

Healthcare & Hospitals

Contract Management in Healthcare Industry
Hospitals and healthcare institutions can provide their customers with the best possible service through third party risk.

Financial Services

Risk assessment in Healthcare, Healthcare GRC, Task Management
Financial services institutions can benefit greatly from third party risk.

Health Insurance

GRC for health insurance , managing multiple risks and regulatory changes
Health insurance companies can manage third party risk and enhance their partnerships.

Manufacturing

Health Insurance GRC, Task Management, Contract Management
Manufacturing companies reduce their margins of error through third party risk.