Third Party Risk Management done your way
Third Party Risk Management software that aligns to your business’ way of working
Intuitive third party risk management that makes sense
Engaging with external vendors, suppliers, and other third parties is essential for businesses seeking specialized expertise and cost-effective solutions. However, these partnerships can also introduce potential risks to your brand.
That’s why robust Third-Party Risk Management (TPRM) is vital. CoreStream GRC’s solution simplifies the entire process, from onboarding to reporting, empowering you with confidence in your third-party relationships.
Trusted and preferred by global brands
Do these third party risk management challenges sound familiar?
“I spend a lot of my week chasing third-parties to answer their assessment, it shouldn’t be this manual!”
“We spend too much time trying to make a decision on whether to approve a supplier or not, and then time to alert and find new supplier, if they don’t pass.”
“I’m worried that we don’t have up-to-date insight from vendors when changes occur in their business.”
“We spent so much and money on a TPRM tool and it’s not fit for purpose. It’s too rigid and doesn’t align with how we work.”
“The spreadsheets are becoming unmanageable, it makes it so hard to create up-to-date helpful reports for leadership.”
Identify
ONBOARD
Integrate CoreStream GRC’s Third Party Risk Management solution with your ERP, procurement, or CRM systems to streamline the onboarding of a new third-party, or enter manually if preferred.
Next, validation is conducted using trusted sources. Sanction screening follows, either directly within CoreStream GRC or through integrations with tools like LexisNexis and Dow Jones.
Then comes ownership and control, a critical step in eliminating blind spots. CoreStream GRC’s Third Party Risk Management solution simplifies this with workflows, forms and integrations that collect detailed information from third parties.
Evaluate
SELECT
Based on comprehensive screening information, you’ll have the clarity to begin to answer the big question: Can we work with this third party?
With CoreStream GRC, you evaluate third parties based on factors that are uniquely relevant to your operations and risk appetite. From sanctions and political exposure to adverse media and control structure analysis, CoreStream GRC ensures no red flag goes unnoticed.
Procurement can also begin their processes which are seamlessly aligned with identification and screening, creating a cohesive and efficient workflow.
Assess
TAILORED
CoreStream GRC simplifies risk assessments, enabling you to evaluate the risks associated with each engagement, contract, project, or service level. For each specific service or purchase, an inherent risk assessment is triggered, often through automated logic.
Questionnaires tailored to the service and organization are sent to third parties for completion, covering risk domains like anti-bribery and corruption, cybersecurity, worker welfare, modern slavery, health and safety, and ESG.
Monitor
TRACK
The platform also supports the continuous collection of critical information from third parties, like certifications and their expiration dates, ensuring nothing slips through the cracks. This seamlessly ties into CoreStream GRC’s robust ongoing monitoring capabilities.
CoreStream GRC’s Third Party Risk Management solution leverages data sources for real-time alerts. Whether it’s a change in sanctions, ownership structure, adverse media, or cyber vulnerabilities, the platform ensures you’re always in the know.
Contract
AUTOMATE
Once you’ve selected a third party for a specific service or contract, the CoreStream GRC platform enables seamless initiation of the contracting process. Integrating with your existing contract management systems if preferred.
With the contract finalized, the platform can trigger notifications to your ERP system, ensuring all users are informed that the third party has cleared due diligence, passed risk assessments, and is now ready to engage.
Offboard
COMPLY
Ending a third-party relationship doesn’t mean ending your responsibility. Proper offboarding is not just good practice, it’s often a regulatory requirement.
The platform streamlines third-party offboarding with customizable checklists and electronic forms, making it easy to obtain necessary confirmations from the departing third party. These forms allow you to capture and track critical declarations, ensuring nothing is overlooked in the process.
Unlock the power of CoreStream GRC’s robust Third-Party Risk Management solution.
Your single source of truth via powerful integrations
“There are plenty of expensive and complex risk software offerings out there but we wanted a product that was simple to use and intuitive. We quickly appreciated that the CoreStream GRC product was for us and, importantly, one with the potential and flexibility for our users to grow with.
Added to this has been CoreStream GRC’s service that, from enquiry to implementation, has been faultless.”
Ian Ross
Head of Audit & Assurance
Unlock the power of CoreStream GRC’s robust Third-Party Risk Management solution.
Contact us today!