Technology to Streamline the Third-Party Risk Management

When assessing vendors, half the trouble is getting a response. With the exchange, you have access to thousands of industry-standard assessments that are already completed. Instead of chasing your vendors, just request a pre-completed assessment to receive answers in less time.

Trust but verify. It’s difficult to validate whether a third party’s security controls are in place. With assessment validation, our team and partner network can validate assessments on your behalf, testing controls to evaluate the legitimacy and accuracy of a vendor risk assessment.

Your vendors routinely complete similar assessments over and over again. To eliminate this redundant exercise, your vendors can leverage one-to-many assessment sharing through the exchange. And when vendors make changes to their assessments, answers are propagated throughout the community, meaning your completed assessments remain evergreen with the latest information.

Once an assessment is received, it’s time-consuming to review answers and manually assign risks, especially when using a spreadsheet-based assessment. Through the exchange, organizations receive completed assessments with built-in risk scoring that’s calculated based on their methodology. Automated risk analysis come with remediation recommendations, powered by OneTrust DataGuidance™.

Not all vendors are created equal. Some pose little risk, while others are mission-critical to operations and may present significant risk if compromised. With Auto Inherent Risks, Vendorpedia can help you prioritize which vendors present the most risks up front, enabling you to sort through the noise and assess critical vendors in a timely manner.

When building or improving your third-party risk program, it can be difficult to know where to start. With Auto Inherent Risks, your team can develop an assessment strategy, prioritizing the vendors that pose the most risk. Inherent risk scores also provide your business with insight to tier your vendors and determine your assessment validation approach.

Many stakeholders are involved when selecting and onboarding vendors, making the process slow and disjointed. Vendorpedia enables teams to create intelligent workflows with action automation to involve the right stakeholders at the right time. Perform faster evaluations and streamline processes, enabling your team with the tools and technologies they need to succeed.

Assessments differ across industries and locations. With dozens of out-of-the-box assessment templates, an easy drag-and-drop questionnaire builder, and automated controls identification, you can rapidly evaluate how much risks any vendor poses without starting from scratch.

Gaining visibility into your vendor-related risks is only half the battle, with mitigation being just as critical. Leverage OneTrust DataGuidance™ intelligence to improve mitigation decision-making and build tailored treatment workflows to reduce risks and track progress over time.

In times of disruption, organizations can encounter supply chain challenges when suppliers are unable to deliver products and services. With OneTrust Vendorpedia, organizations can take steps to proactively prepare and rapidly react when difficult situations arise. Use the platform to assess the resiliency of your supply chain and develop appropriate business continuity plans.

The vendors your third parties use can impact your security, privacy, and compliance risks. With Vendorpedia, manage 4th parties, reducing risks throughout the supply chain. Receive alerts and kick off automated actions when your third parties introduce new vendors that may present unwanted risks.

Powered by OneTrust Athena™ AI, and backed by OneTrust DataGuidance™, reporting in Vendorpedia is intelligent. The platform learns from your metrics, industry trends, and ecosystem benchmarking to identify security gaps and predict new risks before they arise. And should an audit be required, quickly generate recordkeeping reports to demonstrate compliance.

Vendors don’t always adhere to contract requirements, such as data protection clauses or SLAs. Vendorpedia enables active vendor performance and SLA monitoring by tracking uptime and other metrics, providing your team with the visibility to identify underperforming vendors.

When new risks arise, taking swift action can be the difference between a small problem and a big one. With near real-time alerts, powered by OneTrust Athena™ AI, Vendorpedia can help detect new risks, notify stakeholders, send assessments, and take other mitigation actions.

Vendors often receive an overwhelming number of questionnaires from their customers. Automatically answer any incoming questionnaire with answer-matching technology, using NLP, AI, and ML to improve accuracy over time. Make adjustments and review responses before sending it to customers.

When answering a questionnaire, you shouldn’t have to start from scratch. Eliminate repetitive work by saving answers from your previously completed questionnaires. Create multiple answer libraries for different products, subsidiaries, or questionnaire types (security, privacy, RFP, etc.).

It’s hard to stay organized when managing incoming questionnaires through emails and spreadsheets. Use Questionnaire Response Automation to centralize all incoming questionnaires and requests for information. With the tool, manage projects and easily collaborate during security, privacy, compliance, and other RFI evaluations.

When communicating with customers, and sharing sensitive security documentation, it’s critical to do so securely. With Questionnaire Response Automation, you can keep track of the most up to date security, privacy, and compliance documentation, and when required, securely send evidence to customers, maintaining an activity trail in the process and restricting access to information when necessary.

Your customers want to work with vendors they can trust. Take a proactive approach to trust by leveraging Vendorpedia to create a Vendor Trust Profile for your organization. Deploy the trust profile on your website to promote your security, privacy, and compliance program. Tailor the trust profile to fit your needs and your design.

The requests you receive to complete security, privacy, and due diligence questionnaires shouldn’t get lost in email. On your Vendor Trust Profile, build a web form to give customers to submit requests directly to your team with structured intake, keeping you organized and saving you time.