Business managers can get a full-circle overview of vendors.
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The software offers workflow and templates for assessing risks related to suppliers.
When used separately, third-party risk management tools need to be integrated with other tools for supply chain management, compliance, ERP, quality assurance, risk and governance. The software is typically part of a bigger risk, compliance and governance setup, but it can also be used on its own. Management and leaders benefit from these applications because of the lower risk of business disruptions caused by unreliable suppliers. Third-party risk management platforms are used by compliance officers and managers in a vast array of industries, including supply chains, quality assurance and manufacturing.Ĭompliance specialists leverage third-party risk management software to facilitate compliance with internal business policies and external laws and regulations, such as FFIEC, CFPB and HIPAA. These tools analyze, track and reduce all types of risks that negatively impact businesses and their supplier relationships. The software also collects and manages risk information, then it organizes it for thorough data analysis.
Third-party risk management software is a type of risk management software that safeguards businesses from non-compliance, data breaches, and similar risks relating to third-party vendors, suppliers, and other parties. What Is Third-Party Risk Management Software?
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