Third Party Risk Management

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3rd Party Risk Management & Assessment

Most organizations today rely heavily on an extended network of suppliers and vendors. This network, left unmonitored, is a potential source for security, IT, reputation, and compliance risk. The task of managing these risks can be daunting. Even smaller organizations often divide third party risk management programs amongst different departments, with IT departments overseeing information privacy, supply chain monitoring security risk, and so on. Third Party Risk Management with Modulo Risk Manager™ saves organizations time and money by streamlining these risk and compliance evaluations.

 


Vendors

 


Forward-thinking organizations leverage Modulo to automate and synchronize efforts in Third Party Risk Management to determine vendor criticality to the business, improve vendor and supplier relationships and processes, and report security and compliance across the extended enterprise.

Vendor Risk Management

Modulo solutions for Vendor Risk Management (VRM) allow organizations to securely expand their extended network of third-party vendors and save time in the process. Using our Governance, Risk, and Compliance (GRC) software platform, customers perform vendor risk assessments more efficiently and effectively. Automating key aspects of VRM allows you to perform additional analyses on vendor criticality, improve vendor relationships, and report security and compliance based on the activities and departments vendors support. With only our GRC solution – no added modules! – customers can leverage all of the features and functionalities of our powerful GRC software.

Supply Chain Security Risk Management

Modulo supply chain security risk management and compliance (SCS) solutions enable users to gather, manage, and report data related to multiple SCS compliance regimes. Modulo Risk Manager™, a Governance, Risk, and Compliance (GRC) software platform, applies standard industry practices to improve efficiency and lower costs associated with the U.S. Customs-Trade Partnership Against Terrorism (C-TPAT), Canada’s Partners in Protection (PIP), and the security component of the EU’s Authorized Economic Operator (AEO) program, among others.

In a data-driven global business environment, the largest cost of compliance is often the cost of independently managing programs with overlapping requirements. Few of the SCS information requirements that rely on supplier solicitation are exclusive to security practices, and Modulo’s integrated approach enables users to benefit from a data-mapping design that streamlines information gathering and reporting.

Modulo allows organizations to scale Risk Management efforts easily and affordably.


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Incorporating Third Party Risk Management into a Governance, Risk, and Compliance (GRC) program allows organizations to further streamline risk management efforts.

How Modulo can help:

  • Adhere to and apply industry best-practices
  • Automate Third Party Risk Management processes end-to-end
  • Scale to manage hundreds to hundreds of thousands of vendors and suppliers
  • Monitor workflow and progress to stay ahead of potential issues
  • Consolidate risk data by department and vendor type
  • Report risk and compliance assessment results

“Modulo reduces the time needed for conducting risk assessments by 50%. The tool automates the data collection process required to generate reports. This usually slow and painstaking activity is speedily performed by the software tool, [leaving] more time to do the really important work, which is interpreting the data.”
- Consulting Manager

 

 
 
 

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