Third-party risk management software
The ideal solution for all public and private players
Third-party risk management software is an application that simplifies and centralizes the process of identifying, analyzing and dealing with third-party risks within your organization.
Initiate an assessment of your organization's various third parties
The new third party is qualified beforehand (company name, type of third party, SIRET number, information on the planned contract, etc.). This information can be entered manually, or fed in automatically by interfacing with another tool in your organization. A deduplication operation ensures that no similar third parties are already registered in the database.
A first level of analysis allows us to categorize the third party’s level of risk. This pre-analysis takes into account the specific features of your organization.
Centralized, up-to-date documentation
Centralize information and documents relating to a third party: main documents filed by the applicant, information requested from the third party (K-Bis, Organizational chart, etc.), analyses and evidence of the compliance review carried out by the Compliance team, results of screenings carried out by external tools automatically transmitted by API, etc.
Manage your system with real-time reporting
Ensure regular communication with all stakeholders through indicators and reporting covering the various stages of your system, enabling you to assess and manage the risk levels of third parties in your organization.
Manage the risks associated with each of your third parties
If more advanced due diligence is required, a screening of the third party is carried out, which is possible with the various screening players on the market. Thanks to an API connection system, a large amount of data on the third party is transmitted, notably on its beneficial owners and management.
A questionnaire can also be sent directly to the third party, completely securely.
This questionnaire is 100% customizable to suit your organization’s context (questions, useful attachments, signatures, etc.), type of third party (supplier, customer, sponsorship or patronage beneficiary, etc.) and language.
The applicant checks the information and can implement mitigation measures. Depending on the case, requests are escalated to the compliance teams so that they can decide whether to validate or reject the third party.
Field customization
You can add, delete or rename fields describing third-party assessments, define mandatory fields and link to repositories, such as risk levels and third-party types.”
Adapt your workflow
Activate specific notifications for each user on status changes, configure multiple validation levels for third-party assessment, and adapt workflows according to validation decisions, with customized tolerance thresholds for each user group, ensuring a structured and conditioned process at every stage of the third-party assessment process.
Third-party form
Benefit from scoring parameters for the level of third-party risk assessed, ranging from the simplest to the most sophisticated.
Reporting
Ensure real-time management with a 360° view of the system, including the organization of workflows and task delegation, as well as interactive, customizable monitoring of third-party assessments via dashboards and a datavisualization library; it allows you to track the progress of assessments, view the validity period with reminders before expiry, and consult a mapping of assessments for different entities.
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third-party risk assessment software?
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VALUES ASSOCIATES undertakes to keep the processed PCDs only for the time necessary for processing, plus the legal limitation periods during which the information will be archived for any accounting, tax or legal claim. Please read our privacy policy for more information on the data processing we carry out and the rights you have regarding your personal data.
Why is third-party risk management crucial to your organization?
Businesses, local authorities and government bodies, whatever their size or sector, have to manage a multitude of risks, including those linked to their partners and suppliers. Third-party risks cover a wide range of issues, including fraud, technical failures on the part of suppliers, service interruptions and regulatory non-compliance, for example with the Sapin 2 law or the duty of vigilance.
Effective management of third-party risks not only minimizes exposure to these risks, but also promotes better governance and strengthens stakeholder confidence. It can help identify and exploit opportunities that contribute to the company’s sustainable development.
Adopting collaborative, customizable third-party risk management software automates and simplifies processes that are by nature complex, often involving a large number of contributors. It gives you a clear overview of your third-party risks, and real-time control. It guarantees that a periodic assessment of each of your Third Parties has been carried out.
What is third-party risk management software?
➡️ Third-party risk management software is designed to help companies, local authorities and government agencies identify, assess, monitor and mitigate the risks associated with their partners and suppliers. By providing a structured framework for the analysis and management of these specific risks, it enables them to arbitrate and minimize the negative impact of these risks on their objectives, projects and operations.
➡️ Third-party risk management software enables organizations to examine the many facets of the third-party risks to which they are exposed. With itsassessment and monitoring functions, it simplifies the identification and prioritization of third-party risks, and provides an overall view of the risks facing the organization.
➡️ Thanks to reporting and data visualization functionalities based on datavisualization, both private and public sector players have access to a real-time dashboard enabling them to monitor their exposure to the risks associated with their relationships with third parties. Whether by implementing preventive measures, drawing up remediation action plans or reallocating resources, companies, local authorities or administrations have a range of options at their disposal, enabling them to turn challenges into opportunities.
Why use our third-party risk management software?
By adopting our third-party risk management software, you can optimize the management of relationships with your external partners for a more resilient organization and greater risk control.
You benefit from a 100% customizable and configurable tool, enabling you tocontinuously adjust your third-party risk management procedures in line with developments in your external environment and changes in your internal processes.
User experience is at the heart of our solution, which is essential in dynamic environments where regulatory requirements and risk management practices are constantly evolving. Our software enables you to stay at the cutting edge by quickly adjusting your risk management systems.
You can simplify due diligence and third-party monitoring processes by automating evaluations through the customized definition of your evaluation criteria and scoring methodology.
Finally, access to information is simplified for each contributor, ensuring that each member of your team has access to the relevant data according to his or her role, responsibilities and specific needs. This improves the overall efficiency of your third-party risk management and enhances the security of your business relationships.
Whether you are a company, a local authority or an administration, it gives you an overview of the risks you may face in your current or future relations with a third party, whatever their nature, and facilitates the implementation of corrective actions.
FREQUENTLY ASKED QUESTIONS ABOUT
THIRD-PARTY RISK MANAGEMENT
What is third-party risk management?
Third-party risk management is the process of identifying, assessing and managing risks associated with relationships with external entities, such as suppliers, business partners, subcontractors or other third parties. This includes financial, compliance, operational and reputational risks.
Why is it important to manage third-party risks?
Third-party risk management is crucial to protecting the business against operational disruption, regulatory non-compliance, financial loss and reputational damage. It helps prevent incidents by ensuring that third parties comply with the organization’s standards and policies.
What are the main risks associated with third parties?
The main third-party risks include financial risks (supplier bankruptcy), compliance risks (regulatory non-compliance), cybersecurity risks (data leakage by a supplier), and operational risks (delivery delays).
How can third-party risk management software help my company?
Third-party risk management software automates and centralizes the monitoring of third-party risks. It facilitates the identification, assessment and ongoing monitoring of risks, improves regulatory compliance, and strengthens the organization’s resilience in the face of external disruptions.
How do you assess a third party's integrity?
Assessing a third party’s integrity involves analyzing its financial strength, compliance history, reputation in the marketplace, and adherence to ethical standards. This can include due diligence checks, compliance audits and background investigations.