Third Party Engagement
Archer® Third Party Engagement allows you to catalog the products and services being delivered to your organization by third parties. It also allows you to associate product and service engagements to the business process and business units they support, giving you a holistic understanding of your dependency on each third party. You can establish accountability for engagements, perform inherent risk assessments across multiple risk categories, catalog and assess the adequacy of proof of insurance for each supplier, evaluate the financial viability of each third party, and roll up all engagement level risks to the third party providing the product or service. This provides you with an understanding of the overall inherent risk associated with each third-party relationship.
Key Features
- Catalog third parties, their business hierarchy, and the product and services engagements they deliver to your organization
- Map third party products and services to the business processes they support
- Inherent risk assessments on engagements across seven different risk categories
- Perform inherent risk assessments on engagements across seven risk categories
- Catalog your entire supply chain - from the third to nth party level
- Analysis of the financial wherewithal of each third party
- Roll-up inherent risk assessment of each engagement provided by a third party to obtain an overall “aggregate” inherent risk profile of the third party
- Robust notifications and reporting for greater transparency into third party relationships
- Catalog contracts and master services agreements associated with engagements
- Execute contract risk assessments utilizing standardized questionnaires focused on minimum required contract language to mitigate and transfer risk
- Capture third party proof of insurance and evaluate the adequacy of the insurance relative to all engagements being delivered
- Integrate results of your business process impact analysis into your assessment of inherent resiliency risk for each third party
- Establish accountability for each third-party engagement
- Track exceptions related to third party engagements
- Reporting for third parties that present the greatest inherent risk to your organization and the business processes they support
Key Benefits
With Archer Third Party Engagement enables, you can:
- Efficiently manage your third-party risk management program and resource allocation based on the most significant priorities
- Gain insight to where, how, and why third parties are being used throughout your organization and who is responsible for the third-party relationship
- Identify inherently high risk third-party products, services, and relationships
- Provide positive assurance to senior management, the Board, and regulators regarding the adequacy of your organization’s third-party governance program
Prerequisites
For More Information
To learn more about Archer Third Party Engagement, read the Archer Third Party Engagement data sheet.
To learn more about how Archer products, services, and solutions can help solve your business and IT challenges, contact your local representative or authorized reseller—or visit us at www.archerirm.com. If you are an existing Archer customer and have questions or require additional information about licensing, please visit the Archer Community for technical support.
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