To fully understand and manage risk, organizations must automate third-party risk management (TPRM) from onboarding and screening to due diligence, risk assessment and mitigation, monitoring, and offboarding. Starting today, the new Convercent by OneTrust Third-Party Risk Management Solution for Ethics and Compliance makes that possible, providing a way to identify third-party risk that arises from the scope, activities, location, and persons present in every third-party relationship. Using the power of leading TPRM solution OneTrust Vendorpedia, Third-Party Risk Management for Ethics and Compliance leverages the collective power of Convercent by OneTrust and the OneTrust privacy, security, and data governance platform.
With this Third-Party Risk Management solution, ethics and compliance teams can power their TPRM programs within the OneTrust platform to identify third-party risk, run risk assessments, understand gaps, set goals, leverage risk frameworks, and build and export reports.
Want to see how it works? Register for the webinar: Third-Party Risk Management and Due Diligence for Ethics and Compliance on Tuesday, June 29
What is Third-Party Risk Management?
Third-party risk management (TPRM) is a form of risk management that focuses on identifying and reducing risks relating to the use of third parties (sometimes referred to as vendors, suppliers, partners, contractors, or service providers).
Why is Third Party Risk Management Important to Ethics and Compliance Professionals?
Increased reliance on third parties and growing ethical concerns and new regulations create complex requirements for ethics and compliance professionals. Some of those obligations include understanding the potential risk present in your third parties. Accordingly, ethics and compliance professionals must conduct third-party screening, due diligence, risk management and mitigation, and ongoing monitoring throughout the relationship with third parties.
How Can Convercent by OneTrust Third-Party Risk Management Help Ethics and Compliance Professionals?
Convercent by OneTrust’s Third Party Risk Management can help your organization develop a sustainable TPRM program that will seamlessly integrate into your wider business operations. The various tools within the solution can automate third-party screening, due diligence, and ongoing monitoring through key capabilities, including:
- Screening: Run compliance checks for your third parties against sanctions lists, adverse media, and other sources, such as PEP lists, Anti-Slavery, Bribery and Corruption, and more
- Inherent Risk-Based Tiering: Automatically calculate inherent risk scores to prioritize further due diligence and assessment to the third parties that present the most risk to your organization
- Risk Assessment: Leverage dozens of out-of-the-box ethics & compliance third-party assessment templates and automated risk assessment workflows with intelligent risk flagging
- Risk Management: Reduce risk with automated treatment workflows, leveraging out-of-the-box mitigation recommendations and control frameworks, and allow for cross-departmental collaboration and management
- Compliance Reporting: Understand the state of your third-party risk management program with interactive dashboards, executive-ready PDF reports, and recordkeeping to demonstrate compliance
- Ongoing Monitoring: Monitor your third parties over time, running routine adverse media and other compliance checks that trigger pre-determined actions as additional risks
See these tools in action. Register for the webinar: Third-Party Risk Management and Due Diligence for Ethics and Compliance
“Ethics and compliance teams evaluate numerous types of third parties including suppliers, agents, venture partners, investors, customers, and many others. As a result of this outsourcing, third parties introduce more compliance risk than ever before. The Third-Party Risk Management for Ethics and Compliance solution will help automate screening, due diligence, risk management, and ongoing monitoring, providing greater visibility into third parties and the risks they pose from an ethics and compliance standpoint,” said Asha Palmer, Chief Ethics and Compliance Officer at Convercent by OneTrust.
To learn more about Convercent by OneTrust’s Third-Party Risk Management for Ethics and Compliance, register for the webinar. Click here to request a demo and find more information on this new solution.
Additional resources on the Convercent by OneTrust Third-Party Risk Management Solution for Ethics and Compliance:
- OneTrust Press Release: Convercent by OneTrust Announces Third-Party Risk Management Solution for Ethics & Compliance to Automate Third-Party Screening, Due Diligence, and Ongoing Monitoring
- OneTrust News: OneTrust Acquires Ethics and Compliance Leader Convercent
- Webinar: Third-Party Risk Management and Due Diligence for Ethics and Compliance
- Demo: Third-Party Risk Management and Due Diligence for Ethics and Compliance