Vendor risk management

Third-party vendors. First-rate risk management.

Third-party vendor relationships are more complex than ever, with growing pressure from stakeholders and regulators. Our vendor risk management solution enables you to manage and optimize your vendor relationships.

Know your vendors

Ensure 360-degree awareness of your vendor relationships to pinpoint risks.

Identify weaknesses in doing business with critical third party vendors
Visualize fourth party concentration to identify risks
Prioritize and manage risk remediation
Maintain accurate documentation of vendor assessments, issues, and communications
Dynamically link to central risk libraries

Assess and monitor

Establish aggregated risk ratings for every vendor, with source data inputted directly from your vendors, and monitor emerging issues.

Rate vendors across all risks – financial, policy, security and operational
Stay ahead of future problems through automated vendor security and regulatory questionnaires
Streamline real-time data sharing by relationship owners and vendors
Schedule internal reviews of performance, impact and status

Act and communicate

Ensure rapid response times and seamless communications through user-centric interfaces, powerful dashboards and reports that keep you aware of developments and issues as soon as they arise.

Engage staff throughrole-based dashboards
Optimize productivity with workflow alerts and reminders
Provide holistic insights through connected data
Manage reporting with consolidated information and powerful visual reports

Ensure compliance with cybersecurity and regulatory standards

Comply with current and expected regulatory requirements in place in your industry, including the latest U.S. interagency guidance on third-party risk.

OCC: OCC Bulletin 2013-29 – Third-Party Relationships: Risk Management Guidance
FDIC: FIL-44-2008 – Guidance for Managing Third-Party Risk
NCUA: 2007 supervisory letter SL No. 07-01 – Evaluating Third-Party Relationships
FFIEC: Information Security Booklet

Vendor risk management brochure.

Find out how our vendor risk management solution allows you to manage vendor risk and avoid disruption.

Vendor risk management eBook.

Why and how to build an effective third-party vendor risk management program.

Take a product tour.

Our recorded product tour demonstration video takes you through the key areas of our vendor risk management solution.

Buyer’s guide

What an ERM solution is, why you need one, and how to make the right choice.

Protecht ERM - end-to-end visibility and management of vendor risk

Structured data

Actionable insights

User experience

Risk visualization and reports

Structured data

A holistic picture of vendor risk management across your organization.

Centralize vendor details, questionnaires, ongoing assessments, contracts and documents
Easily manage vendor actions, incidents, findings and issues, renewals
Link to centrally controlled risks, controls, obligations
Integrate with IT risk, resilience and business continuity management

Actionable insights

Granular and holistic insights across the spectrum of vendor risk management.

Health of your entire vendor portfolio
Insights on vendor management, risks, questionnaires, and reviews
Easily track and report on vendor findings and issues
Integration with enterprise risk scorecard dashboard
Quickly identify risks visualizing fourth party concentration

User experience

Intuitive workspaces, dashboards and workflows for fast follow-up and maximum productivity.

Streamlined workspace for vendor risk managers to easily assess, analyze and report on all vendors
Simple, secure interface for vendors to view and quickly respond to your requests
Digital workflows with automated alerts and reminders for actions and reviews
Scheduler to automate report generation and distribution

Risk visualization and reports

Powerful visualizations and reports, making it easy to collaborate and communicate with all stakeholders from front line to senior management.

Custom reports generated at the click of a button
Dynamic vendor risk profiles
Clear visualizations for efficient collaboration

Preconfigured content - for a turnkey launch

Optimize your vendor risk management at the click of a button with preconfigured registers, dashboards and reports.

Explore some of the assets that are included within our VRM offering:

Vendor Management

Streamline your assessment, monitoring and management of risk from third party suppliers. The Vendor Management registers and dashboards help you:

Gain a centralized, integrated view of your vendors, their contracts, and their risk profile
Keep on top of vendor reviews
Provide oversight and management with analytic insights on active vendors, their attributes and related risk management activity

Vendor Findings and Issues Management

This package supports management of findings and issues relating to third party suppliers. The pre-designed register and dashboard help you:

Identify vendor issues in a central register early
See findings and issues by status and trend and group the information by rating from extreme to low

Vendor Actions Management

Gain visibility of risk and compliance management actions to ensure they are carried out by the right people and at the right time. The Actions Management register and dashboard help you:

Create and supervise any type of action
Have clear visibility for actions for internal team and actions for vendor by progress, ratings and monthly trend
Follow-up and escalate actions
Identify overdue actions

Questionnaire Management

Keep control of all relevant due diligence questionnaires between you and your vendors and have a clear view of all the important actions between and your vendors. The Vendor Questionnaire register and the Vendor Due Diligence dashboard allow you to:

Have a clear summary of key data from vendor questionnaires at various stages
Quickly see the number of findings and issues and the pending actions for your team and the vendor
Notify vendors when a new questionnaire is assigned and due
Notify relationship owners when questionnaires have been submitted by vendors and ready for review

SIG Questionnaires

Assess vendor risk across 21 different risk domains with Shared Assessments' Standardized Information Gathering (SIG) Questionnaires. The comprehensive set of questions is updated yearly to keep up with the ever-changing risk environment and priorities.

Includes SIG Core and SIG Lite

Vendor Risk Assessment and Management

Assess vendor risk and rate the risk categories, and link relevant risk and controls in the library. The Risk Assessment report and the Vendor Risk dashboard help you:

Identify vendor risks in a central register and schedule ongoing reassessments
Rate the vendor risk and link relevant controls in the controls library
See key data of vendor portfolio and risks ratings
Clearly see the information grouped by risk categories such as vendor criticality, vendor service type, business unit and control effectiveness

Vendor Fourth Party Concentration

Record and visualize fourth parties (vendor’s third parties) with a Fourth Parties register and dashboard to help you:

Identify where a fourth party is relied upon by multiple vendors, creating concentration risk for the organization
Segment data with different filters including vendor tier, service type and criticality

Monitoring and Review Management

Streamline ongoing reviews and tasks to ensure they are carried out by the right people and at the right time. The Monitoring Register and the Vendor Periodic Reviews Dashboard allow you to:

Enable users to capture scheduled and completed reviews
Identify when reviews are overdue and coming up
Filter the information using different options that include review type, due date for contract renewals and vendor status

Vendor Health Scorecard Dashboard

This dashboard gives instant visibility into your vendor health score. Understand the state of your vendor portfolio, quickly identify underperforming/high risk vendors – drill into detail if required to understand why.

Vendor Summary Report

This report shows a summary of key information and activities for an individual vendor that can be generated and shared with the vendor to understand and improve performance.

Contract and Document Management

Automate reminders for expiring contracts and documents to ensure details are up to date. This includes dedicated Contracts and Document registers that offer you:

A central list of executed vendor contracts and agreements that captures key details such as value, expiry date
A central list of vendor documents such as insurance and certifications

Case study

Pinnacle stays in control worldwide with Protecht

The value of this can’t be overstated. In an industry where analytical skills account for much of your success as a company, we’re able to better leverage our intellectual capital.

Cameron Drinan

Risk & Compliance Manager | Pinnacle Investments

Third-party vendors. First-rate risk management.

Know your vendors

Assess and monitor

Act and communicate