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01
Vendor Risk Management
Overview
Define the scope, objectives, and governance of your VRM program, outlining how vendor relationships will be managed and monitored.
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02
Vendor Risk Management
Assessment
Conduct regular assessments of vendors to evaluate their performance, compliance, and the potential business impact of their operational failures.
03
Vendor Risk Management
Vendor Risk Profiling
Classify vendors based on their risk levels and business impact, prioritizing management efforts according to risk severity.
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04
Actions
Implement targeted action plans that include mitigation strategies and compliance requirements, integrating these into vendor contracts and agreements for effective risk management.
iRM utilizes a series of risk assessment questionnaires for evaluating third parties, allowing your organization to assess their internal controls and gather relevant supporting documentation for further analysis.
Residual risk is evaluated across multiple categories, including compliance/litigation, financial, information security, reputation, resiliency, strategic, sustainability, and fourth-party risk. Risk outcomes are presented for each engagement and aggregated to provide a comprehensive view of the third party's overall risk to your organization. Risk assessment findings can be automatically recorded and managed as exceptions, with remediation plans created, assigned to responsible individuals, and monitored until resolved.
Features:
✔ Comprehensive representation of the risk associated with each third-party relationship across all product and service engagements delivered to your organization.
✔ Capture, monitor, and store supplemental documents, such as System & Organization Controls (SOC) reports, financial statements, and PCI assessments.
✔ Capture and track remediation plans for any identified issues.
✔ Reporting on the overall third-party risk profile, highlighting individual high-risk third parties and any ongoing remediation efforts.
✔ Consistent evaluation of third-party controls and risk scoring to ensure a standardized approach to risk management.
Benefits:
With iRM Third-Party Risk Management, you can:
✔ Gain a clear understanding of your third-party risk profile.
✔ Track the ESG posture of third parties, including their compliance with regulations and public disclosures.
✔ Utilize a systematic and standardized approach to risk assessment.
✔ Effectively manage and mitigate identified issues, allowing for quicker responses to emerging risks.
✔ Reduce incidents and losses related to third parties, minimize repeat audit and regulatory findings, and lower associated costs.
✔ Risk profiling - black listed / white list.
AS EASY AS 1-2-3:
✔ Gain Insight into Your Third-Party Ecosystem : Catalog and evaluate third-party relationships, understand the risks involved, and stay prepared as your business ecosystem and relationships evolve.
✔ Monitor Risk and Performance : Keep up-to-date with vendor status while tracking risk and performance throughout the entire vendor management lifecycle.
✔ Ensure Consistent Management : Continuously assess the risks posed by third parties, and implement controls, treatments, and transfer strategies that align with your organization’s risk tolerance.
Asked Questions
Q. What is Enterprise Risk Management (ERM) and how does it benefit an organization?
ERM is a strategic approach to identifying, assessing, and managing risks across an organization, enhancing decision-making and operational resilience. It helps in proactively addressing risks to ensure business continuity and achieve organizational goals.
Q. What makes iRMCloud's dashboards essential for effective ERM?
iRMCloud's easy-to-use dashboards provide a centralized, intuitive view of all risk-related data, making it simpler for managers to monitor, analyse, and respond to risks in real-time, thereby improving the efficiency and effectiveness of the organization's risk management process.
Q. How does IRMCloud improve the ERM process with its features?
iRMCloud enhances ERM by offering user-friendly dashboards for a clear overview of risks, latest risk insights out-of-the-box for immediate risk identification, an inbuilt risk matrix for simplified risk evaluation, and regular updates to stay aligned with evolving risk landscapes.
Q. How does the inbuilt risk matrix in iRMCloud support better risk decision-making?
The inbuilt risk matrix in iRMCloud simplifies the complexity of risk assessment by categorizing risks based on their severity and likelihood, aiding in prioritizing risks and formulating strategic responses, thus making the decision-making process more streamlined and data-driven.
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