ComplyScore's Risk Assessment Solution puts your Vendor Risk Assessment in Auto-Pilot mode. The ability to automate the schedules and target assessments based on business conducted automates your entire Risk Assessment process.
FEATURES & BENEFITS
Manage RiskIdentification of high risk third parties leading to effective scope based due diligence steps.
Single RepositoryEnable a centralized master record and digitized library of all third party related documentation.
Third Party ManagementStreamlined and collaborative approach in managing the third party on-boarding, approval and management process.
Automate Tiering & SegmentationAutomate tiering and segmentation of third parties based on risk classifications (Tier I , Tier II etc.)
Automate ComplianceAssess 3rd and 4th party compliance posture against regulatory and organizational requirements.
Cross-organizational reviewsAutomated calculation of risk ratings for reviewing departmental functions (Finance, IT, Legal, Business Continuity, Enterprise Risk, Insurance and VMO etc. with override functionality by approvers.
TrackingTracking all Mitigation activities to ensure compliance with business mandates.
RenewalsData and evidence based contract renewal discussions resulting in cost based renegotiation.
Specific DashboardsUser specific interface, reporting and dashboards.
Profile and Product centric Risk Assessment automation.
Assessment schedules tracked within centralized, yet role based system and assigned tasks logged on to calendars.
Eliminated siloed data points maintained by various functions.
Significant time savings resulting in more third party entities being assessed annually.
Reduced number of data reference points via seamless interfacing with independent data storage sites.
Enabled collaborative mechanism to review vendor performance via scheduled and adhoc surveys.
Centralized source to capture issues, observations and recommendations and making them into actionable items with due dates
Report generation timelines reduced from weeks and days to a few hours and minutes.