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Managing Third-Party Risks

Third parties are essential business partners, but they also increase the risks your organization faces.

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Common challenges in third party risk management

All organizations and their third parties must stay compliant with labor laws, privacy legislation and regulatory requirements, otherwise they risk heavy fines, legal consequences and reputational damage. Managing third-party risks begins with due diligence during the onboarding process and must also include ongoing monitoring of all areas of risk throughout the relationship.

Now, more than ever before, third-party risks are your risks – and ensuring your partners comply with applicable regulations and sanctions and align with your business values is a complex task. With dozens, hundreds, or even thousands, of partners, effectively managing third-party risks requires automation to achieve consistent management and compliance.

Reduce third party risks with NAVEX One

NAVEX One Governance, Risk and Compliance Information System (GRCIS) enables you to uphold regulations and sanctions and manage changes by knowing whom you are doing business with prior to and throughout the relationship. Also important is understanding how your vendors control their IT operations, making sure they don’t create a security breach for your organization.

Here’s how NAVEX One can help you take control of managing third party risks.

Simplify onboarding

Eliminate manual steps and understand initial risks when onboarding new third parties.

Screen and monitor continuously

Uncover risks and be alerted for real-time reputation alerts when a third party’s status changes.

Identify ownership

Determine the risk from beneficial owners of your third parties.

Enhance due diligence

Gain insight into whether to engage, and how to best monitor and manage third parties.

Capture ESG compliance

Discover third parties’ commitment to compliance and environmental, social, and governance practices.

Ensure supply chain integrity

Monitor how third parties operate, how they secure your data, and confirm compliance throughout the relationship to reduce risk of breaches.

Cover all risk areas

View a complete risk score to determine the risk profile of a third party across various categories such as IT, operational, financial and reputational risk.