Departmental Third Party Risk Management
Manage Vendors, Mitigate Risks, and Ensure Compliance for Your Department
You can’t control your vendors– but you can control the reputational risks that come with partnering with third-party vendors. Elevate vendor risk management with LogicManager's Third Party Risk Management Software. Seamlessly manage vendor relationships, mitigate risks, and ensure compliance for your department in the organization.
- Vendor Onboarding/Offboarding: Streamline transitions with efficient processes.
- Risk Assessments: Identify and prioritize potential vendor risks.
- Due Diligence: Gain deeper insights into vendor practices.
- Performance Tracking: Monitor SLAs and vendor performance in real-time.
- Comprehensive Reporting: Monitor SLAs and vendor performance and make informed decisions with data-driven insights.
VETTED BY THE BEST FOR THIRD PARTY RISK MANAGEMENT
Why Logicmanager? – Users of LogicManager’s ERM software explain how their TPRM programs have benefited from our platform and expert advisory service.
Customer Success StoriesExplore How Companies Overcame Challenges With Our TPRM Solution
Risk-Based Third-Party Management in the Financial Industry
How one bank used LogicManager to overcome third-party risk management challenges and achieve success
Customer Value Story: How to Know What You Don’t Know
Learn how one client streamlined and automated their vendor contract management program using LogicManager’s AI-powered contract analyzer
What Our Customers Are Saying...
The LogicManager DifferenceA Holistic Approach to Third-Party Risk Management (TPRM)
Business Decision InsightsFocus on What’s Important
Through our ERM and GRC software, we allow our customers to spend more time strategically managing risks– and less time on tedious administrative activities, like data cleansing and manipulation. Our solution enhances efficiency while bringing “unknown knowns” that risk managers might miss to the surface. With our VMS you can accurately assess the criticality of your suppliers and allocate resources accordingly.
Customer ExperienceStreamline Your Risk Management Program
Unlike other software that requires IT professional customization, our solution allows customers to control engagement through an end-user configuration. This approach enables faster time-to-value and allows organizations to evolve their programs over time, not to mention a quicker return on investment. With seamless integration, you can engage the right vendors at the right time.
Risk-Based ApproachPrepare for Tomorrow’s Surprises Today
A risk-based approach is the key to effective governance, risk, and compliance. This process enables sound prioritization across organizational silos, identifies challenges and critical dependencies, and proper resource allocation. With a risk-based mindset, organizations can better deploy resources to valuable areas, and high-level risk vendor concerns can more easily surface– and be appropriately mitigated. While you can’t control your vendors, you can control accompanying third-party risks.
CapabilitiesAn All-In-One Vendor Risk Management Platform
Frequently Asked QuestionsFoundations of Vendor Risk Management
Working with third parties can come with risks. As outsourcing, automation, and customer expectations accelerate the course of business, third-party management programs need to connect and streamline their processes to keep up.
Effective third-party risk management enables organizations to maximize the value of third-party relationships by controlling costs, strengthening operations, and reducing the risks inherent to outsourcing.
This area of governance has a lot of moving parts: who your third parties are, what services they provide, what sensitive information they have access to, which internal policies apply to them, and so much more.
At its core, the goal of risk management is to make better decisions to add business value. Better decision-making requires transparency into all risk information gathered at your organization. It also requires the ability to prioritize that information by assessing the risks related to organizational goals, resources, controls, and monitoring.
Business value means looking at where you spend time and money so you can prioritize resources and resolve confusing or contentious issues. Nevertheless, controls, tests, tasks, and resources are very expensive. Vendor risk assessments add priority to these activities, helping you understand how critical each one is.
By adopting a standardized and objective best-practice risk assessment methodology, you can start to identify the overlapping activities that crowd your program, prioritize actions, and help your organization make more informed decisions.
There are five best practices for effective third-party risk management: a root-cause approach, a standardized assessment scale and criteria, links to controls, connecting risks to strategic goals, and embedding ERM in everyday activities.
The terms vendor, third party, and partner are often used interchangeably, but there are subtle differences.
- Vendor– Typically a company that supplies a service or product, such as software.
- Third-party– A group from outside the company brought in to solve a problem, such as consultants.
- Partners– A business partner that has a strong financial and operating relationship with a company, often with frequent interaction and dependence.
Related PackagesYou May Also Like…
Request a DemoLearn How LogicManager’s Third Party Risk Management Software Can Transform Your Risk Management Program
Speak with one of our risk specialists today and discover how you can empower your organization to uphold their reputation, anticipate what’s ahead, and improve business performance through strong governance.
