Create a third-party element record

  • Release version: Washingtondc
  • Updated January 30, 2025
  • 2 minutes to read

    • Create a third-party element record after you collect the responses from a third party by using a collection template questionnaire in the Third-party Risk Management application. After a third-party element record is created, an element entity is available to be assigned to an engagement.

    Before you begin

    Make sure your due diligence request has completed the Inherent Risk Questionnaire (IRQ) process so that you can start the Third-party (TP) element collection process.

    Role required: sn_vdr_risk_asmt.vendor_assessor that is the due diligence request owner or sn_vdr_risk_asmt.vendor_risk_manager

    About this task

    In the Vendor Management Workspace, the Third-party risk (TPR) manager or due diligence request owner selects Start collection for the due diligence request and a collection task is created. A collection task is an external assessment for collecting elements. After receiving and verifying responses to the collection template questionnaire, a Third-party risk (TPR) manager or due diligence request owner creates third-party element records. Corresponding entity records are created after a third-party element record is created.

    Procedure

    1. Navigate to Workspaces > Vendor Management Workspace.
    2. Select the list icon (List icon.) and then navigate to Due diligence requests > All requests.
    3. Select the due diligence request that you want.
    4. On the Collection task tab of the due diligence request, select the External assessment (VRA) number to open the external assessment for collecting elements.
    5. On the Questionnaires tab, select Add to assign a third-party element questionnaire to the external assessment and then select the collection template questionnaire.

      You can send the third-party element questionnaire only to third parties.

      For more information on assessments, see Assessing your third-party risk.

    6. After you receive responses from the engagement contact, navigate to the Risk overview tab of the assessment.
    7. In the Questionnaires and document requests section, select the collection template questionnaire and review the responses.
    8. After confirming that you received all the required information, select the list icon (List icon.) and then navigate to Third-party Elements > All third-party elements.
    9. Create a third-party element record by selecting New and fill in the form by using the information that was collected from each set of responses in the third-party element questionnaire.
      For descriptions of all these fields, see Third-party element form.
      Note:
      The TP element classification determines which scoring model is applied to the third-party element. You can create new third-party element classifications by navigating to All > Third-party Risk Management > Third-party Elements > Classifications.
    10. Select Submit.
      A third-party element and an associated entity have been created. You can view the associated entity record by selecting Go to entity.

    What to do next

    Close the external assessment for collecting elements and then manually add elements as entities on the entities tab of an engagement. After all third-party elements are assigned to an engagement, you can start the due diligence process. For more information, see Add a third-party element record to an engagement and Monitoring third-party elements.