"No company wants to pay out hard-earned revenues because a third party provider was not in compliance."- Director of Vendor Management
While the use of third parties can bring significant benefit, it can also bring significant risk. Regulatory requirements impact some aspect of almost every third party service - financial, safety, data privacy, security, legal, quality, trade - and the penalties for noncompliance can be severe. But risk cannot be outsourced. It is a company's responsibility to ensure third party compliance, and that task is made more complex with each additional relationship, geography, and function.
Simplify the Complexity
Hiperos 3rd Party Management (3PM) simplifies the complexity of managing 3rd parties by identifying and minimizing reputational risks. Hiperos 3PM enables companies to:
- Perform quick and easy segmentation to better assess and prioritize 3rd parties
- Proactively and continuously monitor unique rules and controls for each 3rd party relationship
- Receive automatic alerts with out-of-tolerance indicators
- Address multiple risk categories through flexible calculation models
- Drive efficient review processes with streamlined workflow, both pre- and post-contract award
Hiperos 3PM provides various views of 3rd Party relationships so companies have the information they need to better manage 3rd Parties.