Third Party Risk Management | Third Party Risk Software

Third Party Risk Management Software for Business

In today's interconnected business world, your enterprise extends far beyond your immediate employees and physical offices. Every vendor, supplier, contractor, and partner introduces a new dimension of risk. From data breaches originating in a third party to supply chain disruptions and regulatory non-compliance, the stakes have never been higher. Effectively managing this extended ecosystem is not just a best practice; it's a critical component of your organization's resilience and reputation.

Risk Cognizance understands this evolving challenge. Our Third Party Risk Management (TPRM) Software provides a robust, integrated platform designed to give you comprehensive visibility and control over your entire vendor landscape. We empower you to transform potential liabilities into trusted partnerships, safeguarding your business against an increasingly complex threat environment.

The Evolving Third-Party Risk Landscape

The nature of third-party risk is dynamic and expanding. Organizations are more reliant than ever on external entities for critical services, cloud infrastructure, and specialized expertise. This reliance, while fostering innovation and efficiency, simultaneously introduces new vulnerabilities.

Consider these realities:

• Complex Supply Chains: Modern supply chains are intricate webs of interconnected vendors, often extending to fourth and Nth parties, making it challenging to track dependencies.
• Escalating Cyber Threats: Many data breaches and ransomware incidents now originate from vulnerabilities within a third party's systems, highlighting the need for continuous cyber due diligence.
• Mounting Regulatory Scrutiny: Regulations worldwide are tightening requirements for third-party oversight, demanding rigorous due diligence, continuous monitoring, and auditable proof of compliance (e.g., DORA, NIS2, GDPR).
• ESG and Reputational Risks: Beyond traditional security, businesses must also assess their vendors for environmental, social, and governance (ESG) risks, ensuring alignment with corporate values and avoiding reputational damage.

Traditional, siloed approaches to vendor management simply cannot keep pace with this complexity and speed. Manual processes, spreadsheet-based tracking, and periodic assessments leave significant blind spots, making your organization vulnerable.,

We cover your entire supply chain

• Third-party risk management (TPRM) 
• Vendor risk management (VRM) 
• Supply chain risk management (SCRM) 
• Fourth-party risk management 

Risk Cognizance Your Integrated Third-Party Risk Management Platform

Risk Cognizance transforms your approach to third-party risk. Our software provides a centralized, automated platform that covers the entire vendor lifecycle, integrating seamlessly with your broader GRC strategy.

Here's how Risk Cognizance empowers your third-party risk management:

• Comprehensive Vendor Onboarding and Due Diligence:
  • Automated Vendor Assessments: Streamline the initial vetting process with configurable questionnaires, risk scoring, and automated evidence collection, tailored to vendor criticality and data access. Leverage our Vendor Risk Management Software to onboard new relationships efficiently and securely.
  • Risk-Based Tiering: Categorize vendors based on criticality, data sensitivity, and potential impact to your business, ensuring that your most critical relationships receive the appropriate level of scrutiny.
• Continuous Monitoring and Performance Management:
  • Real-Time Risk Insights: Move beyond point-in-time assessments. Continuously monitor vendor security postures, financial health, and compliance status through integrated data feeds and automated alerts.
  • Performance Tracking: Define and track key performance indicators (KPIs) and service level agreements (SLAs) for your vendors, ensuring they meet operational and security expectations. This capability is enhanced by our Operational Risk Management Software principles.
• Integrated Compliance and Regulatory Alignment:
  • Policy and Regulatory Adherence: Ensure your third parties comply with internal policies and external regulations. Map vendor controls directly to relevant frameworks using our Policy Management Software and Regulatory Compliance Management Software.
  • Regulatory Change Management: Stay ahead of evolving regulatory requirements. Our Regulatory Change Management Software helps you quickly adapt your third-party assessments and contractual agreements to new mandates.
• Cyber and IT Security Resilience:
  • Deep Cyber Risk Assessment: Gain in-depth visibility into your vendors' cybersecurity posture. Assess their IT controls, incident response plans, and data protection measures using our IT & Cyber Risk Management Software.
  • Hybrid GRC Visibility: Integrate vendor cyber risk into your overall IT and cyber GRC framework with our Cyber Hybrid GRC Software, providing a unified view of interconnected risks.
• Incident and Case Management:
  • Streamlined Vendor Incident Response: In the event of a vendor security incident or operational disruption, our Case and Incident Management Software enables rapid recording, tracking, and collaborative resolution, ensuring minimal impact to your business.
  • Automated Communication: Facilitate clear, documented communication with affected vendors and internal stakeholders throughout the incident lifecycle.
• Audit and Controls Assurance:
  • Verifiable Vendor Controls: Collect and manage evidence of vendor controls, streamlining internal and external audits. Our Internal Audit Management Software and SOX Compliance Management Software features help you demonstrate due diligence and compliance.
  • Reporting and Analytics: Generate comprehensive reports for management, boards, and regulators, providing clear insights into your third-party risk exposure and mitigation efforts.
• ESG Risk Integration:
  • Sustainable Sourcing: Extend your risk assessments to include environmental, social, and governance factors. Our ESG Risk Management Software helps you ensure your vendors align with your sustainability goals and ethical sourcing practices, protecting your reputation.

Over 250 Integrated Apps and API access to all of our system.

Automating risk management, with workflow, and our AI compliance management tools.  

The Risk Cognizance Advantage Why Choose Our Third-Party Risk Software

Choosing Risk Cognizance means choosing a proactive and intelligent approach to managing your extended enterprise. We offer distinct advantages:

• Unified Platform: Break down silos between risk, compliance, IT, and vendor management. Our Integrated Connected GRC Software provides a single source of truth.
• Automation and Efficiency: Reduce manual effort, streamline workflows, and free up your teams to focus on strategic risk mitigation rather than administrative tasks.
• Real-Time Visibility: Gain immediate insights into vendor risks, allowing for faster, more informed decision-making.
• Adaptability to Evolving Risks: Our platform is designed to incorporate emerging risks, from AI-specific vulnerabilities to geopolitical supply chain disruptions.
• Scalability: Whether you have dozens or thousands of third-party relationships, our software scales to meet your growing needs without compromising depth of oversight.
• Actionable Intelligence: Transform raw data into actionable insights, enabling you to proactively strengthen controls and reduce residual risk.

Secure Your Extended Enterprise. Achieve Digital Trust.

The digital trust of your customers, partners, and stakeholders depends on the security and reliability of your entire ecosystem. In an era where every third-party connection can be a potential vulnerability, a robust, integrated third-party risk management solution is indispensable.

Risk Cognizance empowers your business to confidently navigate the complexities of third-party relationships. By centralizing, automating, and intelligently analyzing vendor risk, we help you build an extended enterprise that is secure, compliant, and resilient. Don't let third-party risks become your organization's greatest challenge. Partner with Risk Cognizance to transform risk into a competitive advantage.

Recognized as a

Cybersecurity Leader