The challenge
Surprisingly, many organizations turn to spreadsheet-based questionnaires to assess levels of compliance with third parties. This requires significant effort from highly skilled workers and scarce human resources who must:
- Manually design and issue form-based questionnaires
- Manage and chase stakeholders
- Validate and collate disparate information
- Aggregate information to produce a holistic view
- Spend hours on report preparation
This inaccurate information results in inefficient practices. Monitoring corrective actions in assessments through email-based processes compounds the issue, making it unmanageable.
Rather than delivering certainty, these processes add to the level of uncertainty in an organization; about the actual process, its findings, and the people managing it.
The Solution
SureCloud’s Third-Party Risk Management software solution automates the third-party risk management process and allows you to integrate with broader IT risk management processes and even your data privacy program.
SureCloud’s Third-Party Risk Management software helps you create a centralized register of your third parties, build and automatically send out assessments. As well as consolidate all of the responses and provide a flexible dashboard and reporting framework, which means you can finally have a comprehensive view across those third parties and the risk they may pose to your organization.
Additionally, SureCloud is smart enough to only ask questions of your third parties that directly apply to them, avoiding assessment fatigue (one of the biggest sources of “no response” when it comes to assessing third parties).
Find out more about Third-Party Risk Management here.