From a regulatory compliance perspective, and within the framework of proper due diligence management with suppliers, third-party risk management is essential to safeguard the company’s integrity, security, and reputation. It’s not a simple task, sometimes even certainly improvable in the management carried out in the context of certified standards, such as UNE19601 for Criminal Compliance and ISO37001 for Anti-bribery Management Systems.
Issues that until today are resolved with more documentary and declarative methods (such as contractual clauses that do allow for contract termination in case of criminal offense by the supplier) will experience a 180-degree turn with the implementation of TPRM in the management of these third-party risks.
The Transformative Change of TPRM in Third-Party Risk Management
With the incorporation of TPRM as an additional control in the processes and procedures of any company managing its criminal and anti-bribery risks, the following safeguards are achieved:
- Reduction of Regulatory Risks: TPRM provides the company with effective supervision of its suppliers, ensuring they comply with all applicable regulations.
- Protection of Corporate Reputation: if a supplier engages in ethically questionable or illegal practices, their reputation can also affect that of their client. TPRM supports due diligence management, ensuring that the supply chain is aligned with the values and ethical standards that define the organization.
- Traceability and Transparency for Audits: proper due diligence management allows for maintaining detailed and verifiable records of each assessment and decision, which is essential in internal and external audits (such as certification audits for the aforementioned standards).
- Risk Management Anticipation: in a context of constant change in regulations and market risks, well-managed due diligence allows for anticipating and mitigating emerging risks. By continuously evaluating and monitoring suppliers, the company can adapt its compliance strategy to new requirements or detect potential threats before they materialize.
- Strengthening Supply Chain Resilience: a key aspect of due diligence is ensuring that suppliers have solid practices and meet the necessary standards, resulting in a more robust supply chain, less susceptible to disruptions due to regulatory or ethical issues, ensuring operational continuity.
Managing due diligence with suppliers is not simply a formality, but a proactive strategy of defense, transparency, and sustainability. By adopting the structured and rigorous approach that TPRM software provides to any Criminal Risk Management System, an entity’s Compliance Body not only protects the company from risks and sanctions but also ensures collaboration with partners who share the same principles and standards of integrity. This allows the company to operate in an environment of trust and compliance, strengthening its business relationships and market positioning.
This proactive approach helps our clients stay ahead of potential security incidents and manage their risks more effectively, thus avoiding costly attacks or regulatory non-compliance.
How Can GlobalSuite Solutions’ TPRM Solution Help You?
GlobalSuite Solutions’ TPRM solution offers a comprehensive platform to effectively and centrally manage all third-party associated risks. Through advanced assessment and monitoring tools, the solution allows for automating key due diligence processes, from initial evaluation to continuous risk monitoring, adapting to specific requirements of regulations such as UNE 19601 and ISO 37001.
Additionally, the platform facilitates access to detailed and traceable documentation for audits, improving transparency and reducing administrative burden. With a focus on supply chain resilience and corporate reputation protection, GlobalSuite TPRM enables organizations to maintain secure and compliant relationships with their partners, ensuring continuous alignment with the company’s values and ethical standards.
The implementation of these policies and procedures, adapted to each company’s reality, allows our clients to improve their cybersecurity governance and ensure that their teams follow effective security practices.
