The Hiperos NetworkTM
A better way to share, manage and monitor third party information.
Third parties come in many forms: suppliers, vendors, distributors, resellers, agents, affiliates and so on. No matter what they are called, regulators and customers are increasingly holding companies accountable for their third parties’ actions.
Consequently, more and more companies turn to the Hiperos Network to help them work more effectively and efficiently with third parties to control regulatory, revenue and reputational risks.
At the heart of an effective third party risk management program is information. The Hiperos Network is an online global platform that simplifies and standardizes the collection, maintenance, and communication of critical third party information.
Challenges managing business relationship information [Show/Hide]
Establishing, developing and managing business relationships can be complex and time consuming. Whether your organization is asking for information from a third party or responding to a request for information, many stakeholders need to be involved – operations, procurement, accounts payable, accounts receivable, legal, risk, compliance and others. Each stakeholder focuses on different aspects of the relationship.
As a result, information about the third party and the relationship is often dispersed across isolated systems – from procurement, payment, contracting and governance systems on the buy side, to sales, contracting, logistics and invoicing systems on the sales side; as well as stakeholders’ email and local drives. Piecing together a complete picture of the third party and the relationship requires tedious, manual effort.
Challenges responding to information requests [Show/Hide]
Responding to requests for information is often described as a “déjà vu” experience – the questions are the same, but phrased differently from customer to customer. A lot of time and effort is wasted answering the same questions over and over again.
Challenges requesting third party information [Show/Hide]
Collecting third party information manually is fraught with human error and limited accountability, leading to:
- High costs
- Missed risks
When information about the third party changes, it often goes unnoticed because companies don’t have the resources to identify and manage the updates.
The Hiperos Network makes managing third party risk information easier and more cost-effective
The Hiperos Network enables a community of companies, including the organization asking for information and the organization responding to a request, to collaborate on improving the management of third party risk information.
By standardizing due diligence questions and storing third party information centrally, the Hiperos Network makes managing risk information easier and more cost-effective for both sides of the relationship. Third parties control who can view their information. Standardized questionnaires, such as Shared Assessments’ SIG, allow third parties to store and reuse responses for multiple requests across products and services, significantly reducing response time and effort.
Information collection, validation, monitoring and third party event responses are automated to save time and reduce resource requirements.
- A single book of third party records
- Accessible to all stakeholders in the relationship
- Standard processes ensure consistent best practices
- Connect to and centralize information from internal systems
- Collaborative approach
Hiperos Network Resources
Did you receive a request for information through Hiperos Network and have more questions? Read our Responder FAQs.