Xybion’s Cloud Platform for Digital Transformation of Third Party Risk Management
In today’s global, highly interdependent and complex regulatory environments, companies both large and small face a myriad of risks derived from various third-party contractors, suppliers, distributors, and agents who perform tasks on their behalf. Noncompliance against various regulations and non-performance against Service Level Agreements (SLAs) exposes the company to significant financial and business interruption risks.
Utilizing a Single Low-Code Platform with Built-in Governance, Risk, Compliance, Quality, and Enterprise Content Management.
Xybion’s TPRM solution provides end-to-end management of activities, information, templates, data libraries, files, documents, reports, notifications, and KPI from initial requests, planning and scheduling, assessments, findings tracking, CAPA, and review/approvals to the full management of the documentation throughout the various multiyear lifecycles of risk evaluation and certification processes of the third parties. It is ideally designed for multinational, multilingual and multi stakeholder work environments.
A global corporation undertakes 10,000+ third party regulatory audits and 20,000+ internal audits of vendors, their internal processes, and facilities to remain compliant with various regulations. This creates a continuous management challenge to understand risk exposures, patterns, controls, and mitigation plans for risks. An Integrated Third-Party Risk Management platform can make this process more efficient, reduce costs of operations, reduce the costs of noncompliance and business risks.
This step entails the collection of the initial documentation from the third party to provide an adequate compliance profile and history of the organization as well as key evidentiary documents to determine potential risk sources. The sources of the risk will vary depending upon the risk type being evaluated.
The activity of planning and scheduling commences in parallel with the Application/Documentation Process (for the new third party) and identifies all critical activities required for the complete assessment/audit of the third-party including pre-assessments, desk assessments, third-party self-assessments (or surveillance questionnaires) and onsite assessments.
Update each third party’s assessment plans with the and reassessments plans.
Manage all types of stakeholders and their contacts, organizations, and locations, including granular role-based security for users of the system.
Track standards and their related assessment matrices and checklists with the assessment results.
Complete Corrective Action and Compliance Management. Manage your findings and action plan compliance.
Plan, schedule and manage activities incorporating assessor qualifications and calendar availabilities.
Request, manage and publish detailed evaluation results per the scope of their request.
Task Management, Communication Management, Dashboard Reports, Automated Notifications and so much more.
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