Third Party Oversight Program Software

Here’s what you can expect with LogicManager’s Third-Party Program Oversight solution package:

• Out-of-the-box third party and policies form that can be customized to fit the unique needs of your organization’s oversight reviews.
• The ability to attach relevant documents to your vendor and policy profile, making it easy to ensure all information is housed centrally and can be reviewed together.
• Automated workflows to streamline task assignment, from initial review, to ongoing due diligence, to approvals and more. These workflows are configurable and visual to help your teams understand protocols and make it easy to report to regulators.
• Streamline questionnaires in your oversight process to only ask the applicable questions. This way, you get the level of detail that you need from the parties involved without being unnecessarily overwhelming.
• Our system will automatically calculate the criticality of your third parties for you. This takes out the subjectivity of reviews, ensuring that all third parties are classified according to a pre-set criteria.
• Maintaining a third party repository is just one part of a wider governance process. LogicManager is an ERM platform, so you’ll be able to clearly see how third parties impact other areas of your organization.
• Our robust reporting engine generates all the information you need at your fingertips:
  
  • The Overdue Tasks report allows you to easily stay on top of who is behind and holding up the oversight efforts.
  • Vendors by Criticality is a report that displays your most critical third parties, as well as key details about them so you can determine where you should be spending your time and resources.
  • Create a Third Party Scorecard displaying the most important information about a specific vendor. This can be shared with the third party owner or auditors who are looking for details on that particular third party.

Plus, connect LogicManager to all your critical third party systems:

• Integrate LogicManager with your ERP or Accounts Payable system so that all systems are continuously up to date and payments never go out to third parties who have already been offboarded.
• Pull third-party risk data from other sources to ensure that you’re painting a full picture of the third-party risk at hand. By seamlessly integrating that information into your third party management processes, you’ll be able to make better decisions about addressing your risks. Commonly integrated platforms include BitSight and Risk Recon.

Centralize your information

The Third Party Program Oversight solution package provides you with the ability to keep all of your critical third party and policy information in one place:

• Centralized repository of third parties: Many organizations are required to keep and maintain a repository of their third parties. LogicManager offers an organized, well-documented system to keep track of all relevant information related to your third parties. This means you’ll never lose track of important deadlines, contract terms and reports. Take this one step further and create a centralized repository of all the associated documents, so you can easily find related material without needing to go digging through unorganized folders.
• Centralized repository of policies: It’s also commonly required of organizations to keep a repository of the policies and procedures that they follow. With LogicManager, you’ll have a systematic way of ensuring that your policies are being kept up to date and regularly reviewed. Then, tie these policies to third parties to ensure the oversight process you have in place is well documented and accessible to all necessary parties.

Satisfy examiners

Having a well documented process for reviewing and regulating the third parties you work with provides examiners with the assurance they need that you’re doing your due diligence and things are working properly. Examiners will often ask for evidence that you are following those procedures for a group or sampling of your third parties. With the centralized system, you will have a full history of when you reviewed your third parties, the policies and procedures you followed to review them and the outcome of each oversight review.

Automate your processes

Having a robust third party risk management software like LogicManager reduces the number of people and the amount of time it takes to run your third party oversight program. It also frees up the time of your employees so that they can focus on more strategic goals (e.g. reviewing your third parties, determining where you need additional controls in place, identifying ones that are causing issues, etc.).