Selecting the Right Third-Party Risk Tool For Your Organisation: The Definitive Guide
Read our expert insight below on the do’s and don’ts when choosing a third-party risk management tool!
Download the free guide at the bottom of page.
Who this guide is for…
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.
There is only one solution to escape this level of complexity and manual effort. It’s time to find a software solution.
But what should you do to ensure you get the right one for your businesses’ needs?
Our Senior Product Director has written up this guide to help, which tackles the following key topics:
- The common drivers for considering Third Party Risk Management tooling
- Getting ready for tooling
- The usual Third Party Risk Management tooling mistakes
- How to overcome Third Party Risk Management tooling pitfalls
The guide also answers common questions you need to consider when selecting your Third-Party Risk Management software solution and a few handy checklists.
Download the free guide at the bottom of the page today!
Already searching for your third-party risk tool?
Then check out SureCloud’s Gartner recognised Vendor Risk Management solution here.
With SureCloud you can:
- Create a centralised register of your third parties
- A holistic view of third party risk within your organisation
- Ensure that your network of partners or third parties does not undermine the level of security you apply internally
- Monitor third party progress through the built-in workflow, prioritised by their importance to the business
- Create your own and edit existing questions through a fully configurable question library
