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Strip back with your third-party risk program

The Third-Party Risk Manager of “Bananas”, “Julie”, recognizes that they need a formal solution. Julie builds a system for monitoring and capturing this program. Given that she’s not quite sure what she needs and has a limited budget she opts for the cheap Excel spreadsheet as a foundation to work off of.

 

Download Julie’s Excel sheet template by completing the pop-up form below.

This download will help you…

1. Understand what is needed to map out your third-party risk program 2. Know where to start

Tabs include third party register, SAQ log, audit log and exceptions log.

 

Sick of spreadsheets?

Monitoring your third-parties by using an Excel is great for a small start-up business, however, there are some limitations to Excel, such as:

  • It’s not secure.
  • It has no audit log, so you don’t know who changed what, from what and when.
  • Countless emails have to be sent to create interaction.
  • Excel doesn’t chase or email anyone. Spreadsheets sit idly by as deadlines come and go
  • It doesn’t do very much on its own.
  • It doesn’t trigger anything automatically. Reporting has to be built manually Therefore there is a lot of manual updating
  • Finally, someone in the business made it, they will forever support it and what if that person leaves?

You may be like “Julie” and find that after using the program for a couple of years, it starts to generate its own work and you need to look into a Vendor Risk Management platform.

 

How SureCloud can help…

Watch our mini-demo video here to see what SureCloud’s third-party risk management solution can offer

Features include:

  • A holistic view of third-party risk within your organization.
  • Configure sophisticated assessments using conditional questions or screening.
  • Ensuring that your third- parties or network of partners do not undermine the level of security you apply internally.
  • Create your own and edit existing questions through a fully configurable question library.
  • Create a centralized register of your third parties.
  • Configure sophisticated assessments using conditional questions or screening.
  • Configure sophisticated assessments using conditional questions or screening.
  • Monitor third-party progress through the built-in workflow, prioritized by their importance to the business.
  • Monitor third-party progress through the built-in workflow, prioritized by their importance to the business.
  • Risks and results are aggregated in real-time on dashboards.
  • Risks and results are aggregated in real-time on dashboards.

Want to learn more about Julie’s story?

Watch our recent webinar to dive deeper into the story. You can watch it on-demand here.

How can we help?