The leader in Governance, Risk and Compliance (GRC) solutions

CoreStream Risk Management

What is Risk Management software? 

For any organisation which aims to achieve its business targets while, at the same time, maintaining its resilience, a robust operational risk assessment and management strategy is a key attribute. 

The aim of the risk management process is to anticipate, identify, assess and control risks and avoid potential threats to normal business operations. 

The challenge for many organisations is often to ensure awareness amongst its stakeholders of the increasing variety and scale of possible negative risk and encourage ownership of managing that risk. 

Technology failures, legal issues, management or staff underperformance, financial uncertainty, health and safety problems, natural disasters or workplace accidents are just some of the areas which might cause potential risk and – long-term damage – to business continuity. 

The breadth of these internal and external threats present major challenges for risk managers, and project managers within the organisation, conscious of the potentially damaging consequences which failure to identify, assess and manage risk might have for the wider organisation. 

And whilst risk typically suggests negative connotations, identified risks need not always carry threats to the business. 

Positive risk could take the form of policy changes which offer business benefits while project risk management could see anticipated costs coming in under budget. 

In all cases, the key to good enterprise risk management is a system for: 

• Identifying risks. 
• Assessing the risk’s potential threat. 
• Analysing the vulnerability of business assets. 
• Determining potential consequences to the organisation. 
• Outlining measures needed for managing risk. 
• Implementing risk reduction actions. 

What are the benefits of Risk Management software? 

CoreStream’s digital solution is designed to deliver the risk identification, risk analysis and risk management support which you need to ensure regulatory compliance, business continuity and stakeholder satisfaction. 

Our risk management software is a flexible platform which adds value to your organisation by centralising risk assessments and risk management across all your operations or within a specific division or department. 

Our world class risk management process is applicable to all types of potential risk, including operational risk, strategic risk, financial risk and compliance risk. 

CoreStream’s intuitive technology provides an end to end risk management solution covering all aspects from the creation and management of emerging risks, tracking causes, events and consequences, right through to managing the subsequent mitigating actions. 

Designed specifically to ease the increasingly onerous administrative burden of risk management, our risk management system allows your team to focus their efforts on value-add activities. 

It brings together your entire risk management framework and enables the seamless monitoring and execution of mitigating actions to deliver the real-time management information that organisations and stakeholders require. 

CoreStream’s platform streamlines the risk management process by: 

• Removing manual processing errors. 
• Adapting seamlessly to all risk frameworks and any industry setting. 
• Delivering real-time reporting of risk data. 

What are the risks of not having Risk Management software? 

The nature and scale of risk is a constantly shifting landscape, placing ever-increasing demands on your team. For the project manager, the risk manager, IT specialists and leadership teams, the responsibility of managing risk effectively can be time-consuming and onerous with potentially damaging consequences for those whose risk management procedures are not fit for purpose. 

The nature of risk varies across organisations and sectors with some being universal whilst other are business specific. What is not in doubt is the ever-changing nature of risk. External threats to organisations can take many forms, encompassing financial issues, data breaches, global health crises, regulatory changes, recruitment challenges and general economic uncertainty. 

At CoreStream, we understand the scale of these external threats to business continuity and offer our clients intuitive and flexible risk management software which supports all their requirements. 

Our digital solution helps identify, assess and manage your risk by: 

• Seamlessly documenting and assigning owners for risks, controls and mitigating actions to ensure accountability. 
• Recording scores for the inherent, residual and target risk and monitor your risk profile including the status of any mitigating actions. 
• Real-time monitoring and reporting of your risks and mitigating actions, adaptable to a variety of risk frameworks and in any industry setting. 

Why CoreStream? 

CoreStream’s Risk Management software is tailored to your operational risk management needs and designed to: 

• Deliver the transparency which your regulatory requirements demand. 
• Promote and enable accountability within your team. 
• Relieve the administrative burden on risk managers and project managers. 
• Unify your entire risk management framework. 
• Enable the seamless monitoring and execution of mitigating actions. 
• Deliver the real-time management information that organisations and stakeholders require. 

CoreStream Audit Action Management

What is Audit Management software? 

Whatever sector it operates in, any organisation will regularly need to make key decisions affecting its systems, its people and its processes, all of which combine to impact the efficiency of its operations. 

If the organisation aims to implement efficient audit planning and deliver a high level of compliance management, it is essential that it deploys an audit management software system which is genuinely fit for purpose. 

Internal audits are a vital element of any compliance processes and audit management software increasingly plays a highly significant role in ensuring that the organisation’s exposure to risk is being effectively managed and governance risk avoided. 

Proactive audit planning as part of a quality audit management software system is designed to ensure an organisation is meeting its compliance targets, identifying possible areas in which its activities and processes could be enhanced by addressing potential gaps in procedures and managing risk effectively. 

What are the benefits of Audit Management software? 

As part of an organisation’s integrated risk management process, internal audits will only be successful if there is commitment across the business to the audit process. 

The key to driving change lies in ensuring that findings are turned into real actions. Audits are expensive, which means the only way to realise their value is to ensure you take action on the outputs. 

A sound audit planning approach, i.e. one that’s based on ensuring any actions agreed are implemented, will also guarantee that valuable staff resource time is not wasted and will form part of your team’s wider integrated risk management strategy. 

An objective review of an organisation’s audit strategy will contribute to operational efficiency, help the business to evaluate risks, protect its key assets and ensure compliance with regulatory targets.  

CoreStream’s Audit Action Management software is a flexible technology platform which manages the actions which audits identify, encourages your team to take ownership and simplifies the process of providing updates to the organisation’s procedures. 

Our platform will help to deliver integrated management across all governance, risk and compliance areas and create a unified data environment which enables internal audits to align with your business goals. 

CoreStream’s flexible Audit Management software will enhance your audit planning approach and mitigate governance risk by: 

• Reducing the financial and administrative burden on your internal audit procedures. 
• Delivering real-time, accurate insights into action resolution progress. 
• Ensuring full control over data privacy. 
• Enabling targeted dissemination of audit action content. 
• Adapting to your specific sectoral needs. 
• Increasing efficiency of your audit process and risk management procedures. 

What are the risks of not having Audit Management software? 

In today’s business world, an increasing number of issues which could potentially pose a threat to an organisation’s reputation and its ability to operate. These can range from health and safety risks, cyber security issues, financial risks brought on by poor customer service or market challenges and supplier problems. 

Effective risk and compliance management will help to maintain business continuity, provide reassurance for stakeholders and contribute to the organisation’s success. An effective internal audit process will provide the organisation with independent assurance  that the procedures it has in place for risk management, governance and internal control are operating in an efficient manner. 

Lack of such an audit function could potentially impact the overall effectiveness of an organisation’s risk management strategy, leaving business assets, including data, not properly safeguarded and open to threat. 

Our intuitive technology enables organisations to quickly implement high quality internal audits which cut the risk of non-compliance and offer early insights into any potential problems or issues which threaten your operations. 

Why CoreStream? 

Whether performed internally or by an external provider, the key to your organisation deriving genuine value from its audit management process lies in ensuring that findings are turned into real actions to drive the change that is required. 

CoreStream’s Audit Action Management Platform is a flexible technology platform which will enhance your risk management and regulatory compliance, simpliyfing and streamlining the task of providing updates on actions to protect your business. 

CoreStream Policy Management

What is Policy Management software?

Whatever its sector or size, every organisation will have a suite of policies or procedures which provide the information and guidance which its leadership team, its employees and its external stakeholders require.

For organisations both large and small, the increasing scale of compliance and regulatory requirements means there is a growing need to adopt a consistent and efficient method of policy management.

The policies and procedures put in place by any organisation are intended to offer guidelines on what actions will help it achieve its business ambitions while also fulfilling its necessary compliance and regulatory obligations.

The success of an organisation’s policy and procedure management can only be assured if its procedures are regularly monitored, updated and understood by all its stakeholders.

By taking a proactive approach to the maintenance and management of its critical procedures and policies and ensuring these are communicated efficiently to all its stakeholders, it prioritises compliance, manages its exposure to risk and adds value to its activities.

What are the benefits of Policy Management software?

As part of its risk management strategy, implementing a robust policy management framework hhelps protect your business, meet stakeholder expectations and ensure regulatory compliance.

CoreStream’s Policy Management software provides a flexible environment for implementing a robust policy management process within your organisation, providing full control over data privacy, detailed audit trails and user-friendly dashboards.

Our platform enables organisations to communicate policies effectively, track acceptance and assess staff understanding, delivering a range of benefits across the business. CoreStream’s policy management software solution:

• Improves efficiency and effectiveness of policy management.
• Provides visibility of policy performance to management and regulators.
• Enhances policy knowledge transfer.
• Reduces policy breaches.
• Eases administrative burden on employees.

What are the risks of not having Policy Management software?

Inefficient policy and procedure management practices can present a variety of challenges, including impacting on valuable staff time and leading to avoidable expense.

Equally seriously, an ineffective approach to managing policies could cause the organisation to be exposed to a health and safety, regulatory or reputational risks which threaten the smooth running of its business operations.

The purpose of policy and procedure management software is to help the organisation, as part of its overall risk management strategy, avoid an inconsistent approach to policy creation, presentation and management by streamlining the process of reviewing, updating and sharing information on its policy and procedure documents.

Why CoreStream?

The key to the success of CoreStream’s policy management solution is its ability to improve accessibility to policy content. the effectiveness of the policy management process

Whilst policies need to be disseminated ,and read within an organisation, the finer points of policy detail will naturally be forgotten between reads. CoreStream has a number of approaches to address this problem, for example allowing users to request policy details for common tasks, to obtain a succinct list of do’s and don’ts relevant to that task. helping

This approach helps business operations create efficiencies by enhancing policy communication, tracking acceptance, driving compliance and a commensurate reduction in risk and improvement in operational effectiveness. and assessing comprehension by key stakeholders within the operation.

Via centralised storage of policies, our intuitive policy management framework enables:

• Targeted dissemination of policies to relevant stakeholders.
• Task-specific policy detail with simple policy do’s and don’ts
• Integrated configurable Policy Training modules.
• Automated approval and review workflow.
• Mapping of policies to risks, processes, controls, and actions.
• Real-time reporting dashboards to highlight trends.

Framework Compliance Management Software

What is Framework Compliance software? 

Framework Compliance software enables businesses to demonstrate compliance with control frameworks such as ISO27001, ISO9001, Cyber Essentials and PCI DSS. It supports the process of setting up control frameworks, planning and scheduling control assessments and the subsequent creation of non-conformances / deficiencies and corrective actions. By automating internal controls management, enterprises can demonstrate compliance with various control frameworks whilst reducing time and costs.

What are the benefits of Framework Compliance software?

Within the ever-changing compliance landscape, more and more businesses are finding it difficult to manage their obligations and ensure organisation wide adherence. 

If your business is to implement efficient control assessment programmes and achieve a high level of compliance, it is essential that it deploys a framework compliance software system which is genuinely fit for purpose.  

CoreStream Framework Compliance is a flexible technology platform which provides a centralised Framework Controls register that can be populated with content from the relevant regulations, standards and frameworks (such as ISO7001, ISO27002, ISO9001, PCI DSS and NIST). It can be utilised for any control framework and enables enterprises to map controls against other frameworks so they only have to be assessed once. 

Organisations can then centrally manage the creation of control assessments and the resulting nonconformances / deficiencies and remedial actions. This enables senior management to report on the state of framework compliance across the organisation and identify areas requiring attention. 

What are the risks of not having Framework Compliance Management software?

In today’s business world, an increasing number of issues which could potentially pose a threat to an organisation’s reputation and its ability to operate. These range from health and safety risks, cyber security issues and financial risks brought on by poor customer service to market challenges and supplier problems.  

Effective compliance management will help to maintain business continuity, provide reassurance for stakeholders and contribute to the organisation’s success. An effective internal framework compliance process provides a business with independent assurance that the controls they have in place are operating efficiently.  

Lack of such a function could potentially impact the overall effectiveness of an organisation’s compliance management strategy, leaving business assets, including data, not properly safeguarded and open to threat.  

Our intuitive technology enables efficient implementation of framework assessment programmes which cut the risk of non-compliance and offer early insights into any potential problems or issues which threaten your operations.  

Why CoreStream?

Whether performed internally or by an external provider, the key to deriving genuine value from compliance management processes lies in ensuring that non-conformances / deficiencies are turned into real actions to drive the required change.  

CoreStream’s flexible Framework Compliance Mmanagement software enhances your compliance management approach and mitigates risk by:  

• Creating a centralised Controls Framework register which enables the collaborative management of controls, control assessments, non-conformances and actions.
• Reducing the financial and administrative burden on your compliance procedures. 
• Improving the efficiency of compliance management.
• Delivering real-time, accurate insights into organisation-wide framework compliance, including the outcomes of reviews and assessments.
• Assigning accountability for framework compliance.
• Documenting control non-conformances and actions, and flagging them for remediation.
• Ensuring full control over data privacy. 
• Enabling targeted dissemination of compliance content including control assessments. 
• Adapting to your specific sectoral needs. 
• Increasing efficiency of your audit process and risk management procedures. 

CoreStream Information Asset Management (IAM)

What is Information Asset Management software? 

With information assets playing a critical role in the activities of most organisations, it is vital – particularly with today’s increased threats to cybersecurity – that data is monitored closely to ensure it is safely stored, up-to-date and protected from attack or misuse. 

An Information Asset Register (IAR) is typically used to catalogue all an organisation’s key information and to outline what security measures are used to protect it, how it is stored and used and who is able to access it. 

These information assets can take many forms ranging from websites and databases, downloads, spreadsheets, emails, paper records and other data. 

With the introduction of more stringent regulations on information assets such as the General Data Protection Regulation (GDPR), there is increasing scrutiny on the amount of data organisations retain, how it is stored and, crucially, how it is used. 

The danger that any details held by an organisation, particularly sensitive personal data, could be compromised or subject to data breach means that efficient information governance and compliance is a top priority for Information Asset Administrators and Information Asset Owners. 

CoreStream’s Information Asset Register software is designed to protect data by providing organisations with an online Information Asset Register which manages the end to end asset life cycle. 

It enables Information Asset Owners to identify, understand and manage their information assets and flows, as well as any associated risks, breaches and actions. 

What are the benefits of Information Asset Management software? 

CoreStream Information Asset Management helps ease the administrative burden of information governance. 

It aids the identification, documentation and management of your company’s information assets and related content, and enables the seamless monitoring and execution of actions to deliver the real-time management information that you require. 

With accountability and transparency being key priorities for both internal and external stakeholders, our solution supports your aim of encouraging clear ownership for addressing risks to your information assets and provides real, independent insight into the safety of your data. 

CoreStream Information Asset Management brings peace of mind to your data protection procedures by: 

• Delivering time and efficiency savings through centralised management and information asset reporting 
• Supporting alignment with GDPR legislation 
• Ensuring compliance with Information Commissioner’s Office (ICO) regulations 
• Reducing ongoing costs from bringing manual processes online 

What are the risks of not having Information Asset Management software? 

The ways in which sensitive personal data or confidential business information is stored, processed and used has never been of greater concern to individuals or subjected to more rigorous scrutiny by stakeholders such as regulators and the media. 

The ever-increasing risks related to cybersecurity in our ultra-connected world mean that for the Information Asset Administrator or Information Asset Owner, there are major challenges around data protection and a growing need for robust security measures to prevent data breach. 

For both the public and private sectors, safeguarding sensitive information has, by necessity, become a top priority, with failure to do so having potentially severe consequences for business continuity and operational efficiency, as some of the world’s leading organisations have discovered to their cost. 

Cyber threats such as malware, ransomware and phishing attacks are among the common external threats to data security whilst the ability of former employees, contractors or suppliers to access data held by the organisation is another concern. 

Why CoreStream? 

CoreStream’s intuitive, flexible technology includes all the key features necessary to protect your data, ensure compliance and secure your organisation’s assets:. 

• Online Information Asset Register efficiently manages assets. 
• Creates and links information flows, risks, breaches and actions to information assets. 
• Data flow mapping. 
• Workflow to manage the approval and review of assets. 
• Automated asset and information flow risk level based on asset and flow characteristics. 
• GDPR Role Declarations, DPIAs and Subject Access Requests. 
• Third party supplier risk management and due diligence. 
• Real time reporting dashboards 
• Fully customisable, interactive training to help support your information governance through consistent education.  
• Integration with an industry leading data discovery and redaction tool. 

CoreStream Incident Management

What is Incident Management software? 

The purpose of effective incident management is to create a framework which allows an organisation to ensure its operations are efficiently restored following any service disruption.

As part of the organisation’s wider risk management strategy, its incident tracking software and incident management process will:

• Help identify the threat to normal service operation.
• Support the coordination of the required response.
• Ensure the impact on business operations is minimised.

CoreStream’s Incident Management software is an incident management solution for centralising the recording, resolution and reporting of incidents, threats and problems across your organisation or within specific divisions or departments.

Our platform provides the incident management tools your organisation needs to identify issues which threaten normal operations and help coordinate your incident response by:

• Raising incidents/problems.
• Delivering real-time reporting.
• Assessing information on the nature and severity of the incident.
• Tracking progress of incidents to resolution.
• Creating/monitoring actions on incident response.
• Assigning responsibility for incidents to relevant personnel.
• Providing comments on incident management reports.

What are the benefits of Incident Management Software? 

A key challenge for any organisation in managing incidents which pose a risk to its business operations is ensuring there is a coordinated response from all relevant personnel.

That’s particularly true in today’s business environment in which potential risks can take many forms and emerge from different directions, relating to legal, financial, health and safety, people, cyber-security and other issues.

Managing risk effectively and mitigating threats to the organisation requires cross-team coordination amongst individuals and departments supported by the best incident management tools.

Our incident management system efficiently monitors risk, compliance and audit activities in an environment which, by prioritising the user’s needs, adapts seamlessly to our clients’ processes and frameworks.

CoreStream’s Incident Management software is designed to track and manage incidents, protect your business and quickly restore normal service operation by:

• Supporting all incident/problem types.
• Reducing the time taken to respond to incident reports
• Adapting seamlessly to customer requirements
• Delivering insight into incident response and trends
• Providing full control over data privacy.

By delivering the best incident management software we can deliver a customised incident management service with the speed and accuracy to satisfy your risk management needs.

What are the risks of not having incident management software?

Failure to implement a robust plan for incident management and response could have serious consequences for the organisation, exposing it to unnecessary risk and disruption.

• Incidents which could have been prevented by being identified earlier may be allowed to escalate.
• The increasing burden of regulatory requirements could leave the organisation open to compliance breaches.
• Your organisation may fail to implement a coordinated incident response if different departments or divisions within the organisation such as finance, HR, marketing or customer support are unaware of an incident.
• Failing to implement effective monitoring systems, track incidents and keep accurate, up-to-date documentation on critical assets and data could leave the organisation open to external attack or in danger of regulatory breaches.

Deploying the best incident management software allows your IT and other support teams to focus fully on their core activities, streamlining the process for incident tracking and reporting.

Why CoreStream? 

The CoreStream platform offers a range of software tools which help to protect your business and its operations while also supporting your team and assisting your operational objectives. These include:

• A cloud-based solution with no mandatory support packages and unlimited users.
• User friendly technology which supports adoption and encourages collaboration.
• Embedded user guidance which minimises training time.
• Enhanced collation and presentation of risk and compliance data.
• An extremely flexible architecture capable of accommodating your existing processes and frameworks.
• Rapid implementation of incident management processes delivering business benefits and ROI in as little as two weeks

CoreStream Controls Management

What is Controls Management Software? 

Controls typically only become a priority for organisations when they fail, resulting in increasing costs and a reactive approach.  Being focused on controls can result in better decision-making, a game-changing step for any organisation – enabling fast and more confident decisions.  

Business leaders are increasingly exposed to risk.  A new way of operating your framework for internal controls and the utilisation of enhanced tech like CoreStream are vital to business confidence and will help boards achieve strategic goals.  The old, manual and siloed control model and behaviour should end and a new approach to controls should be adopted.  

A framework for internal controls, that is digitally enabled, ensure that risk assessment and controls are kept up to date and embedded in the organisation.  Elements of a control framework typically include organisation wide policies, structure and ‘tone at the top’, risk assessment, business and IT controls, monitoring and reporting.  

In November 2021, the FRC in the UK clarified their expectation that Boards complying with the Code should confirm the results of their annual review of the effectiveness of internal controls.  Previously, the requirement had been widely understood to relate to disclosure of the process undertaken.  The Code requirement includes operational and compliance controls as well as financial controls.   

Controls Management Software enables and facilitates an organisation’s approach to its framework of internal controls.  CoreStream’s Controls Management software is designed to facilitate an end-to-end controls framework from the identification of risk, mapping of processes and controls through control self-assessments, controls testing, remediation and reporting.  

It enables process, risk and control owners to identify, understand and manage their respective information whilst also providing functional controls management teams with the features to manage and report on the controls framework.   

What are the benefits of Controls Management Software? 

Controls Management Software helps to ease the administrative burden of controls related processes. CoreStream’s capability goes further though.  

It enables and supports the identification, documentation and management of your organisation’s processes, risks and controls.  The software facilities different assurance approaches to provide management with the required comfort over the design and operating effectiveness of controls to enable the fulfilment of statutory and regulatory obligations in addition to meeting the needs of your various stakeholders.  

Accountability and transparency are key elements of a robust framework of internal controls, supporting the reporting to your stakeholders.  Our solution clear ownership throughout the end-to-end lifecycle of your internal control framework.  This helps you to deliver an  efficient but robust framework that supports the accurate reporting of the health of your internal controls. 

What are the risks of not having Controls Management Software? 

Without Controls Management Software an organisation increases inefficiency in the management of their internal controls and therefore increases the cost of control.  In addition, the lack of an integrated Controls Management Software can drive / exacerbate the following issues for organisations: 

1. Misalignment of controls with business and risk objectives, slowing a business down and providing a false sense of security. 
2. Lack of a common taxonomy, resulting in an inability to apply a consistent approach to the measure, execution and reporting of risks, controls and issues.  
3. Creation of controls in silos to address specific regulatory requirements or emerging risks, resulting in redundant and overlapping controls.  
4. Lack of a coherent approach to monitoring and testing across all assurance providers in an organisation, resulting in similar or comparable controls being evaluated multiple times.  

Why CoreStream? 

CoreStream’s intuitive and flexible controls solution includes all the key features to help you implement, embed and management your framework of internal controls.  The solution comes pre-configured but can also be adjusted through no-code configuration to meet your exact framework requirements based on your operating model and approach to internal controls. Key features include: 

• Process management and process mapping with change control features and the ability to export to Microsoft Visio; 
• Risk and Control Matrices – both at a framework and organisational entity level; 
• Ability to link policies, processes, risks and controls together; 
• Control Self-Assessments for control owners and performers; 
• Control testing features to support continuous or periodic controls testing; 
• Deficiency and remediation action management; 
• External Auditor access (if required); and  
• Real time reporting dashboards to manage the end-to-end control lifecycle and report on the health of internal controls. 

CoreStream Third Party Risk Management (TPRM)

What is Third Party Risk Management Software? 

Third-party risk management (TPRM) is a form of risk management that focuses on identifying and reducing risks relating to the use of third parties, sometimes referred to as vendors, suppliers, partners, contractors, or service providers. 

Recent events, such as the global pandemic and the Ukraine invasion, highlight the huge strategic impact of third-party failures and how quickly risk strikes.  These events have helped organisations know that they need to improve the resiliency of their supply chains and critical third parties.  

Post-pandemic trends show an increase in leadership focus and investment in third party risk management, driving transformational change. Recent studies have shown this is characterised by smarter third-party segmentation, increased focus on sell-side third parties and integrated technology solutions that improve efficiency and reduce cost.  However, organisations face challenges from emerging risk domains, including geopolitical and climate change.  

Recent surveys (of more than 1,000 organisations across more than 30 countries) report that organisations have made incremental improvements to the way they manage third party relations, from an efficiency, cost effectiveness and decision-making perspective.  Hindered by functional silos and decentralised systems, they aspire to develop a more holistic and integrated approach.  

Business responsibility and social purpose is a key element of integrated business strategies.  These recent surveys note that this is demonstrated by significant growth in the level of awareness and focus on ESG in the extended enterprise, however, many organisations don’t have the formal mechanisms to assess or prioritise ESG risks in their extended enterprise.  

Third Party Risk Management software supports an organisation with the end-to-end management of their third party due diligence and ongoing monitoring of the risk posed by any third party. This includes the collection of information from the third party via questionnaires and the usage of external data sources that when combined enable the risk of a given third party to be scored. CoreStream’s TPRM capability has been designed to bring the latest capabilities to any organisation, whatever data sources a business wants to use.   

It enables business owners, compliance and procurement teams to engage with the platform to commence a third party due diligence process with the third party interacting with the platform.  Automated data sources are leveraged with the platform facilitating the end-to-end process.  This enables the solution to automatically risk score third parties and provide recommendations to management for a final decision regarding take-on and ongoing engagement with the third party.  

What are the benefits of Third Party Risk Management Software? 

TPRM Software helps to ease the time consuming, administrative burden of performing due diligence over third-parties to determine the risk to an organisation prior to engagement of that third party. CoreStream’s capability goes further through its unique flexibility and features that enable it to meet any organisation’s need.  

It enables business relationship owners and/or procurement to request a third party be set-up and based on the service being required assess the inherent risk of the third party service combination.  This enables an organisation to determine the risk of a third party based on the service they wish to procure from them.  

Based on the inherent risk profile, third party questionnaires are issued to the third parties for risk domains that pose a higher threat to determine how the third party addresses the risk, including the provision of evidence.  At the same time, third party data sources are utilised to assess sanctions risk, adverse media for the elevated risk domains and financial health of the third party.  Different levels of screening can be performed depending upon the inherent risk profile and/or the results of the first phase of screening from automated data sources.   

A risk rating is generated for each third party to enable a decision to be made regarding engaging the third party or otherwise. Mitigating actions may be required on both the organisations side and the third party, these can be agreed and tracked as part of the engagement with the third party.  

If the third party due diligence were to be performed manually, this process would be inefficient and costly.  The utilisation of a leading digital solution not only drives cost efficiencies and timely due diligence but it enables the collection of multiple data sources to assess the risk of a third party. Without this, an organisation may enter into a relationship with a third party that could cause regulatory, reputational and/or financial damage.  

What are the risks of not having Third Party Risk Management Software? 

Without TPRM software the process of performing third party due diligence is inefficient, costly and due to the time taken to perform the due diligence risks are highly likely to be missed.  This could result in an organisation engaging with a third party that may create regulatory, reputational or financial damage to their business.  

Why CoreStream? 

The TPRM solution configured on the CoreStream platform leverages decades of experience in TPRM along with the intuitive and flexible nature of the platform.   There are a number of different pre-configured versions depending on your organisations approach to TPRM or we can configure the platform to your exact requirements and chosen data sources.  

Key features include: 

• Risk segmentation based on your organisation’s chosen approach; 
• Based on the inherent risk of a third party and service workflow automatically facilitates the assessment;  
• Third party questionnaires, with branch logic, based on your requirements with the ability to upload third party documents; 
• Ability to consume data from various providers through API, including screening, adverse media and financial information; 
• Interface with your ERP and CRM solutions; 
• Ongoing sanctions and adverse media monitoring via API connectors; 
• Ability for enhanced due diligence with your chosen provider having access to the platform; and 
• Realtime dashboarding and reporting, including risk alerts against third parties.