Third-party Risk Management
Summarize
Summary of Third-party Risk Management
The ServiceNow® GRC: Third-party Risk Management (TPRM) application enables organizations to proactively identify, assess, and mitigate risks associated with third-party relationships. It offers a centralized process for managing third-party portfolios, scoring risks, and implementing remediation strategies.
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Key Features
- Request Third-party Risk Due Diligence: Determine the level of risk associated with third-party interactions.
- Assess Third-party Risk: Identify and evaluate potential risks linked to third-party relationships.
- Monitor Third-party Risk: Continuously track risks related to third-party partnerships.
- Approval Processes: Set up approval levels for due diligence requests based on questionnaire responses.
- Contract Risk Management: Incorporate specific provisions in contracts to mitigate identified risks.
- User Interfaces: Utilize both the legacy VRM classic interface and the Digital Resilience Third-party Registers application.
- Risk Intelligence Reports: Manage and request reports from external risk intelligence providers.
- Third-party Portal: Facilitate interactions between third-party contacts and risk assessors through a dedicated portal.
Key Outcomes
By implementing the TPRM application, organizations can enhance their ability to manage third-party relationships, ensuring that risks are properly assessed and mitigated. This leads to better compliance, improved risk visibility, and the protection of organizational interests through informed decision-making.
The ServiceNow® GRC: Third-party Risk Management (TPRM) application enables you to proactively identify, assess, and mitigate risks that are associated with your third-party relationships. TPRM provides a centralized process for managing your portfolio of third parties, assessing and scoring risk, and performing remediation.
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Visit the ServiceNow Store website to view all the available apps and for information about submitting requests to the store. For cumulative release note information for all released apps, see the ServiceNow Store version history release notes.