OneTrust Vendorpedia™ is the largest and most widely used technology platform to operationalize third-party risk. The technology platform enables both enterprises and their vendors with technology solutions that include: Third-Party Risk Management software, a platform to streamline the entire vendor lifecycle, from onboarding to offboarding; the Third-Party Risk Exchange, a global vendor community dedicated to reducing the burden of vendor risk assessments; and Questionnaire Response Automation, a tool that helps organizations answer incoming security questionnaires. Learn more about the benefits of integrating a TPRM software by previewing our TPRM Buy-In Guide:
Download the guide to get access to the top TPRM challenges and outcomes, key capabilities, case studies and more.
Navigating a new frontier for vendor relationships
As businesses scale to keep up with the demands of digital transformation, the reliance on third parties and the emergence of the digital supply chain is an innate part of almost every business function. According to a report by Audit Committee Leadership Network, two-thirds of nearly 400 private and public companies reported having over 5,000 third-party relationships, with some having many more. To build a successful Third-Party Risk Management (TPRM) program at scale, you’ll need software designed specifically for the task. TPRM software is a powerful tool that organizations can leverage as risks evolve within cybersecurity and privacy domains – but also as other risk domains move to the forefront, such as environmental, social, and governance (ESG) as well as ethics and compliance. In doing so, it’s critical to choose a software provider that can scale to the breadth and depth of the changing third-party risk landscape. The success of a TPRM program is often dependent on aligning your approach to cross-functional requirements. Below are a few teams to engage as well as the benefits they can expect from a well-run TPRM program.
- Executive teams, who can receive board-level reports on vendor performance and critical risks to make data-driven decisions that impact the bottom line.
- Procurement teams, who can streamline vendor sourcing, contracting, and due diligence, as well as automate the vendor management lifecycle.
- Finance teams, who can gain visibility into your vendor return on investment (ROI) and track performance metrics to hold your vendors accountable to SLAs.
- Risk Management teams, who can integrate your third-party risks into your broader enterprise risk management strategy.
- Privacy teams, who can map your data flows across your vendors and automate recordkeeping to comply with privacy regulations and cross-border data transfer requirements.
- Security teams, who can assess and document your vendors’ information security practices, incident response plans, and business resilience measures in the event of a security incident.
- Ethics & Compliance teams, who can leverage evidence-based due diligence and ongoing monitoring to ensure your vendors are aligned to your code of conduct and compliance requirements.
- ESG teams, who can assess suppliers, set ESG targets, and monitor suppliers against your corporate sustainability priorities and ESG reporting requirements.
Key VRM considerations for professionals:
To view the remainder of the guide download from our resource center. In the guide, you will have access to information on the following:
- Top TPRM Challenges & Outcomes
- Estimated Business Impact of Implementing OneTrust TPRM Software
- Key Capabilities of an Enterprise-Grade TPRM Solution
- OneTrust TPRM in Action: A Case Study with Self Esteem Brands
Further Third-Party Risk Management reading:
- Blog: What is Third-Party Risk Management?
- Blog: Build the Business Case: The Importance of Business Resilience and TPRM
- Blog: Trust Talks: Actioning Trust-Based Cybersecurity from Individual to Enterprise
Next steps on Third-Party Risk Management:
- Try OneTrust: Request a Demo
- Download the eBook: Ultimate Guide to VRM for Privacy Professionals
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