Third Party Risk Management
Archer® Third Party Risk Management employs a series of risk assessment questionnaires for third parties, enabling your organization to assess their internal controls and collect relevant supporting documentation for further analysis.
The use case employs Vendor Portal functionality to enable third parties to quickly respond to assessment and questionnaires requests via a dedicated interface and dashboard. Questionnaire results are factored into a determination of the residual risk of each engagement being delivered by the third party.
Residual risk is assessed - across several risk categories - compliance/litigation, financial, information security, reputation, resiliency, strategic, sustainability and fourth-party risk. Inherent and residual risk levels are calculated for each engagement and rolled up to the related third party to create a view of the vendor’s aggregate risk to your organization. Risk assessment findings are automatically generated and can be managed through the issues management workflow as exception requests or remediation plans, which can be assigned to accountable individuals and monitored for resolution.
Key Features
- Representation of risk of each third-party relationship, across all product and service engagements delivered to your organization
- Capture, storage and monitoring of supplemental documents such as System & Organization Controls reporting, financial statements and PCI assessments
- View assessments from all vendors in a single dashboard using Vendor Portal
- Self-service provisioning of third-party accounts Reporting on overall third-party risk profiles, individual problems and remediations
- Evaluate the resilience of third parties across the five resilience pillars (cyber, IT, facilities, people, suppliers)
Key Benefits
With Archer Third Party Risk Management provides, you can:
- Understand your third-party risk profile
- Leverage a methodical and standardized approach to risk assessment
- Manage and mitigate identified issues and respond more quickly to emerging risks
- Reduce third-party-related incidents and losses, repeat audit and regulatory findings and associated costs
Prerequisites
For More Information
To learn more about Archer Third Party Risk Management, read the Archer Third Party Risk Management 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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