Third-Party Risk Management Module is Now Live on VirtueSpark
While third-party risk management has always been a key aspect of the VirtueSpark platform, we are pleased to confirm that VirtueSpark now offers a module dedicated to TPRM. This change has come about in response to demand from our clients. The VirtueSpark TPRM module now enables you to collect, assess, and monitor third-party risks in a way that’s aligned and integrated with your broader enterprise risk management approach.
Beyond that, the TPRM module allows you to answer the burning questions that allow you to make a more meaningful assessment of third-party risks. Which suppliers are the most critical to your organization, or create the most risk exposure? To answer these questions, you can use the VirtueSpark TPRM module to connect your suppliers with the services they provide and measure the exposure in relation to the actual impact on your organization. In this respect, the benefits of VirtueSpark goes far beyond commonly applied supplier risks assessment approaches.
And yet, it is easy to apply using the TPRM module. You can generate a standard questionnaire for each of your suppliers to complete, which is uploaded to create an automatic entry. Future iterations will allow self-service entry by suppliers, bringing further efficiencies. You can also define a catalog of services, with templates designed to streamline the entry process.
This multi-dimensional approach allows you to keep a complete overview of risks even where services are provided in a hybrid model comprising in-house teams and external vendors.
Each entry’s results are automatically translated into a classification level based on criteria such as reliability, confidentiality, and information security, among others. Suppliers are classified against the criticality of the service they provide.
Each supplier and service are categorized into tiers, allowing you to easily assess the criticality of your supplier profile.
Criticality criteria are entirely flexible, allowing you to redefine them according to organizational needs.
Furthermore, third-party risks can be mapped to your internal assets, processes, and risks, providing you with an overview of dependencies across the entire organization and service catalog. The reporting feature allows you to generate TPRM reports automatically, providing oversight of risks and actions.
The net result is an increased visibility of third-party risks, with a significantly reduced manual effort for the risk manager. Third-party risks can be factored into operational and strategic decision making, resulting in the overall process of TPRM generating additional value to the organization.
The TPRM module is only one component in the VirtueSpark Enterprise Platform, which provides a comprehensive toolset for managing all your GRC activities. Contact us today to book a demo or discuss how we can help turn your GRC activities into value-adding business enablers.