Third Party Risk

Mastering Third-Party Risk:
Discover the Third Party Risk
Management Tool

Third Party Risk Management (TPRM) Tool helps to
fortify your organization against unforeseen risks while
fostering secure and productive partnerships
with your external service providers

What is Third Party Risk
Management?

Third Party Risk Management (TPRM) is a systematic approach to identifying, assessing, and mitigating risks associated with third-party relationships at all level of the contract lifecycle (i.e. onboarding, execution, termination). These relationships can include vendors, suppliers, contractors, service providers, and even strategic alliances. The TPRM module in Grace Connect GRC Suite acts as a comprehensive toolkit designed to empower businesses in managing these risks effectively.

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Key Features and Benefits of Our TPRM Module

1

Enhanced Risk Visibility Gain a comprehensive view of your third-party risk landscape to proactively identify and address risks related to onboarding, during services execution, or if contract is terminated

2

Improved Compliance for Outsourcing Services Ensure that your external service providers (and their co-tenants) are identified and meet regulatory requirements in terms of outsourcing arrangements

3

Cost Reduction By streamlining vendor onboarding and monitoring processes, you can reduce operational costs and optimize resource allocation

4

Reputation Protection Mitigate risks associated with vendor failures, data breaches, or other incidents that could harm your organization's reputation

5

Strategic Decision-Making Use data-driven insights to make informed decisions about vendor relationships, vendor selection, and risk mitigation strategies

Unlocking Excellence in Third Party Risk Management

Our TPRM Tool is indispensable for modern businesses seeking to manage and mitigate the risks associated with third-party relationships. By integrating this module in Grace Connect GRC Suite, you can fortify your organization against unforeseen risks while fostering secure and productive partnerships with your external service providers.

Supporting constant monitoring of third party risks with
easy workflows and customizable graphs

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