One of the high-risk areas for any organization is to take care of the information risks coming via its association with its third parties – vendors, suppliers, service provider, clients and other stakeholders. The more integrated and enmeshed our organizational processes become with that of external third parties, the higher the risk.
Hence, Third Party Risk Management (TPRM) or Vendor Risk Management (VRM) is one of the most critical areas of managing organizational information risks.
The bigger the organization, the more complex this gets. Multiple laws & regulations, diverse business lines and hence business processes, a variety of internal programs, geographical spread of the organization and that of the vendors themselves – all of this adds to the complexity.
One way to address this risk has been via assessments and audits of the third parties. Often, this is easier said than done. What to assess, how to assess, whom to assess, empanelment of external auditors and assessors to carry out the actual assessments and audits, ensuring the various information risk programs are covered while assessing a specific vendor – all of these are questions that need to be answered. Usually, organizations undertake this exercise via external auditors and assessors or via dedicated inhouse teams.
No matter what mechanism gets used, one aspect that often gets overlooked is doing a correlation between the findings. Focussing on individual vendor risks gets priority over assimilating and crunching the data to figure out worrisome trends and threads.
Keeping all of the above in mind, Arrka developed ArrkaTPRM – a specially designed solution for organizations to manage their third party risks. Offered off the powerful Arrka Intelligent PlatformTM with an option to leverage the Arrka Auditors’ Forum, ArrkaTPRM empowers an organization to address its Third Party Risks.
Key highlights of the solution:
- Readymade Questionnaires
- A bouquet of ready assessment & audit questionnaires to select from – with an ability to integrate them across multiple laws, regulations and standards. Which means that if a vendor needs to comply with 2 laws and 1 standard, the organization can simply pick the relevant questionnaires and integrate the common areas
- Online Management
- A platform (The Arrka Intelligent Platform) to deliver the Assessment or Audit online – so get rid of cumbersome XL sheets and multiple emails
- Online repository to store evidences and documentation
- An MIS & Dashboard to manage the whole activity
- Access to expertise to design specialised assessment standards unique to the organization’s business context