As careful as you may be to reduce the risks your business and customers are exposed to, it is vital to remember that many risks are outside of your direct control. Two-thirds of data breaches occur due to an insecure, or poorly managed third-party relationship. It is therefore essential to regularly assess the risk that your suppliers and partners present but it’s not always that easy. Traditional third-party risk management methods involve time-consuming and costly manual processes that are heavily reliant on spreadsheets. To address this problem, SureCloud introduced its Third-Party Risk Management solution. The aim was to dramatically improve overall efficiency, accuracy, and visibility of risks and mitigation measures against your vendors.
Now, in response to customers’ feedback and taking advantage of the latest developments of the SureCloud Platform, SureCloud has released an updated version of its best-selling Third Party Risk Management solution.
This new release of our Third Party Risk Management solution features a new, clean design and layout that helps you understand and report on risks in a way that is intuitive and easy to follow. It is highly flexible, enabling users to stay organized with fully customizable risk ratings, configurable assessment types and categories, and a range of flexible new options in the application’s question library. Third parties will only need to answer questions that are relevant to their organization avoiding the dreaded “assessment fatigue”.
SureCloud’s latest Third-Party Risk Management solution allows users to:
- Oversee all assessments statuses in real-time through the built-in workflow, prioritized by importance to the business
- Build and automate the sending of multiple assessment types simultaneously
- Create and edit your own question library
- Extract assessments to Microsoft Word for easy reporting
- Extract questionnaires to Microsoft Excel to work offline
- Configure sophisticated assessments using conditional questions and branching logic
- Review results and risks in real time aggregated on dashboards
SureCloud’s Product Director, Alex Brown explains why the team focused on refreshing the Third Party Risk Management solution:
“More organizations than ever are establishing third-party assurance programs, and as a result, the need to manage these programs as cost-effectively and efficiently as possible is becoming paramount. This new release of our Third-Party Risk Management solution provides a quicker return on investment and increased levels of automation, meaning our customers will spend less time on admin and more time analyzing and utilizing their results.”
To find out more about the new features and functionality included in this new release of SureCloud’s Third Party Risk Management solution, click here.