New TPRM Module to Revolutionize Third-Party Risk Management

Did you know that 88% of organizations have little confidence in the quality of their third-party risk management process? Additionally, 60% will use cybersecurity risk as a determining factor in business engagements by 2025.

In response to these critical needs, we are proud to announce the launch of our innovative Third-Party Risk Management (TPRM) module.

Third-party risk management (TPRM) focuses on identifying, assessing, and mitigating risks arising from relationships with external entities such as suppliers, contractors, and business partners. In an increasingly interconnected business environment, it is crucial to evaluate these risks to protect the company’s operational, financial, and reputational integrity. Moreover, the growing dependence on third parties increases cybersecurity, compliance, and reputational risks. Don’t fall behind!

With GlobalSuite® Third-Party Risk Management you can optimize third-party risk management, improving security, regulatory compliance, and operational resilience. A TPRM system provides a framework to systematically manage these risks and help you:

• Protect critical assets: Ensure that sensitive information and corporate assets are adequately protected.
• Maintain regulatory compliance: Help comply with applicable regulations, avoiding fines and penalties.
• Preserve corporate reputation: Avoid reputational damage that may arise from third-party actions or non-compliance.
• Foster operational resilience: Allow your organization to anticipate and respond effectively to issues that may arise with third parties, minimizing disruptions.

Implementing a robust TPRM strategy is not only a precautionary measure but a competitive advantage that allows companies to operate more securely and efficiently in an interconnected global market.

The Features that Make GlobalSuite®’S TPRM Module the Best Choice for your Company

Our TPRM module offers a series of advanced functionalities to optimize third-party risk management:

Unified Third-Party Inventory

Centralizes information of all third parties in a single repository, facilitating their management and continuous updating.

• Third-party approval and categorization.
• Automatic collection of information from various sources through different types of automated surveys.
• Synchronization with other applications to save time and reduce errors.

Risk Identification and Mitigation

Implements a flexible methodology to assess and mitigate risks, with periodic evaluations and customized action plans.

Compliance

Ensures regulatory compliance through automatic assessments and centralization of evidence through a specialized module to evaluate the regulations required for each supplier. This is a fundamental part of the compliance process.

Incident Management

Customizable workflows for quick and efficient response to any third-party related incident. Incidents in GlobalSuite® are fully configurable with different types of fields, allowing detailed and precise management of each situation. In this way, GlobalSuite® ensures optimal monitoring and resolution of incidents, improving collaboration and minimizing risks associated with third parties.

Reports and Document Management

Advanced tools for report creation and document management, facilitating data-driven decision making.

Companies from various sectors are already benefiting from the new GlobalSuite® TPRM module. For example, a financial institution improved its management of critical suppliers, reducing evaluation time by more than 40% and increasing regulatory compliance. A multinational manufacturing company centralized the management of more than 500 suppliers, implementing specific action plans to mitigate risks and improve operational resilience.

GlobalSuite® Third-Party Risk Management positions itself as an indispensable tool for any organization seeking to protect its critical assets, maintain regulatory compliance, and operate efficiently in an increasingly interconnected global environment.