Why Your Third-Party Partners May Be Putting Your Business at Risk

What happens when the vendors and contractors you rely on every day become your biggest compliance risk? For many companies, third-party partners are essential to business growth. However, using third-party vendors can also pose a threat to business continuity and increase your organization’s risk of reputational damage.   

Three in four organizations, reports KPMG, experienced at least one significant business disruption caused by a third party within the past several years.  

As businesses expand globally and supply chains grow more complex, managing third-party and vendor risk becomes increasingly more important. SAI360 offers a two-prong approach to third-party risk management (TPRM), combining TPRM technology with its award-winning third-party training resources. The result – the industry’s most comprehensive TPRM solution. 

Third-Party Risk Management Technology 

SAI360 TPRM module leverages technology to streamline and simplify third-party risk management. From assessment to remediation and contracting to onboarding, the entire vendor risk cycle is covered. Ongoing performance monitoring and automated due diligence are easily tracked through pre-configured risk intelligence dashboards and reports, while vendor and product criticality assessments can be used to make informed business continuity decisions. 

Third-Party Risk Management Training 

Organizations can extend their ethical workplace culture to their third-party vendors with SAI360 training resources. A robust library of 300+ ethics and compliance courses covers critical topics including anti-bribery, data privacy, export regulations, and human trafficking, just to name a few. Training can be tailored to meet the unique needs of different third-party groups.   

Automated vendor onboarding makes it easy for vendors and contractors to access required trainings, which improves participation rates and eliminates administrative responsibilities. Pre-built dashboards and analytic reporting tools give organizations real-time training results beyond mere completion rates.  

Why This Matters  

Using a digital approach to third-party risk management, while also extending training to third parties demonstrates an organization’s firm commitment to developing a strong, ethical network. 

Let’s Start a Conversation 

Interested in learning how SAI360 can elevate your TPRM strategy? Click here to demo our solutions. 

Source: https://assets.kpmg.com/content/dam/kpmg/xx/pdf/2022/01/third-party-risk-management-outlook-2022.pdf