While you can continue to use the legacy user interface to perform Vendor Risk Management tasks, the Vendor Management Workspace offers enhanced TPRM features and more useful reports.

Configure a risk assessment to recur on a schedule

Configure a third-party risk assessment to recur on a schedule to regularly update risk results for a third party or an engagement.

Role required: sn_vdr_risk_asmt.vendor_assessor

Create a third party record—Legacy process

Configure a third-party risk assessment to recur on a schedule to regularly update risk results for a third party or an engagement.

Role required: admin or sn_vdr_risk_asmt.vendor_risk_manager.

Setting up third-party hierarchies and engagements—Legacy process

Create third-party hierarchies by defining the parent-child relationships between the parent third party and all of their subsidiaries. You do this task because some organizations work with third parties that have subsidiaries (or subsidiaries of subsidiaries) that can pose a potential risk to your business. You can perform assessments at each subsidiary organization and roll up the results to calculate an overall risk score for the parent third party.

Role required: sn_vdr_risk_asmt.vendor_risk_manager or sn_vdr_risk_asmt.vendor_assessor.

Define an engagement — Legacy process

Define an engagement so that you can assess the risks that are associated with the services or products offered by a third party. Engagements can also represent the products or services that are provided to the parent third party, either directly or from departments, partners, or subsidiaries that you can also assess for risk.

Tip:

Any person with access to your instance at your organization can request an engagement. That process is typically more streamlined and more effective than the process describe here, where a Third-party risk (TPR) manager or TPR assessor defines an engagement. For more information, see Request due diligence for a third-party engagement.

Role required: sn_vdr_risk_asmt.vendor_risk_manager or sn_vdr_risk_asmt.vendor_assessor.

Third-party risk tiering assessments — Legacy process

Organizations use risk tiering to classify their third parties into categories of potential risk posed at the time of onboarding. The standard predefined risk tiers are None, Low, Minor, Moderate, High, and Critical. Each risk tier has associated assessment questions and document requests.

Managing external risk assessments — Legacy process

Before the TPR manager closes an assessment, stakeholders create issues and tasks, usually during the Generating observations state. The TPR assessor assigns third parties as needed and communicates using comment streams to achieve closure on non-compliance. The third-party primary contact uses the Third-party portal to view all assessments.

Create an external assessment — Legacy process

Create an assessment and initiate the third-party risk assessment life cycle.