The Ultimate Guide: The Do’s and Don’ts When Choosing a Third-Party Risk Management Tool
Discover our expert insight below on how to get started and select the right tool for your third-party risk program.
Download the full guide at the bottom of the page!
Why download the guide?
When establishing the practice of third–party risk in your business, most usually reach for the most widely and cost-effective tool out there: the trusty spreadsheet. As an organization evolves, these practitioners have to deal with the ever-growing burden of managing more and more complex third parties at various levels and points in the organization, each with their specific risks, controls, and contractual obligations. These then become more complex as one attempts to tie these silos of information together, and additional data sources such as contract values and supplier projects are incorporated. Necessitating additional office tools such as Access and Word to support Excel. Perhaps even a few in-house tools are developed to ease that burden alongside the numerous emails and various different versions of attachments.
At this point, it becomes clear, it’s time to look for a tool.
But where do you start?
Our experts have pulled together key topics to help, including:
- 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
You can download the Third Party Risk Tool Guide at the bottom of the page!
The guide also includes checklists and answers to some common questions you need to consider when selecting your Third-Party Risk Management software solution.
Ready to choose a tool? Why not consider SureCloud’s Gartner recognized Vendor Risk Management solution!
Take a look at what SureCloud can offer by watching our mini-demo video here.
Features include:
- A holistic view of third party risk within your organization
- Create a centralized register of your third parties
- Ensure that your network of partners or third parties does not undermine the level of security you apply internally
- Create your own and edit existing questions through a fully configurable question library
- Monitor third party progress through the built-in workflow, prioritized by their importance to the business
