Your organization does business with thousands, or tens of thousands of third parties. Every third party provides specific revenue opportunities to your organization.
At the same time, every third party and their associated contracts represent a certain degree of risk. Recognizing and managing that risk is essential to protect your organization from reputational damage, regulatory fines and operational issues that impact your company’s ability to profitably deliver goods and services to customers.
Hiperos 3PM platform and Risk Management applications enable you to automatically and continuously score and assess the risk of your third parties and control those risks through contract clauses and mitigation programs for all sorts of risks like:
- Financial viability
- Business continuity
- Information security
- Data privacy
- Policy & procedural
- Health & Safety
- Third party engagement
Hiperos provides pre-built assessment and best-in-class application functionality templates, which can be easily configured to meet your specific requirements and to simplify and accelerate the management of third party risk. Whether you need to determine if outsourcing a business process to a third party makes sense or manage the risk and compliance requirements of existing third party relationships, Hiperos Risk Management applications enable you to automate a standard, objective approach to third party risk management. Risk profiles can be configured to address the needs of all the different stakeholders – financial, regulatory auditor, financial auditor, board, relationship manager, etc. Risk can be scored, assessed and managed at the individual or contract level as well as aggregated, as required. Once a third party is engaged, the system continues to monitor risk and compliance over the life of the relationship.
The automated approach of Hiperos 3PMTM platform and Risk Management applications enable you to:
- Assess and manage the risks of all your third parties
- Manage only the “risks that matter”
- Drive third party risk accountability and ownership
- Demonstrate the strength of your risk management to investors, analysts and regulators
- Eliminate duplicative and overlapping risk activities
- Improve process efficiency
- Reduce risk management costs