Many organisations, when establishing the practice of third–party risk, usually use the most widely and cost-effective tool out there: an Excel spreadsheet. As businesses and their vendor lists grow, practitioners have to manage the burden of more complex third parties at various points and levels in the organisation, each with their specific risks, controls, and contractual obligations. Practitioners are then faced with the challenge of attempting to tie these silos of information together, and additional data sources such as contract values and supplier projects are incorporated. Meaning additional office tools such as Access and Word are then needed to support Excel. Some firms may even have a few in-house tools developed to ease that burden alongside the numerous emails and various different versions of attachments.
Our Senior Product Director has written up this guide to help, which tackles the following key topics:
The guide also answers common questions you need to consider when selecting your Third-Party Risk Management software solution and a few handy checklists.