Third-Party Management
Third-party assessments play a crucial role in ensuring the reliability and effectiveness of GRC (Governance, Risk, and Compliance) Programs. These assessments involve the evaluation and examination of the applications, services and devices provided by external entities or organizations. It provides an independent and unbiased review of the asset or services security, compliance, and overall effectiveness. With the increasing complexity of regulatory requirements, it has become essential for organizations to invest in reliable risk management solutions to consolidate and manage these often tenuous processes in a timely mannger. These assessments not only help in identifying any gaps or weaknesses of third parties, but also provide valuable insights for improvement. Therefore, organizations must prioritize third-party assessments as a part of their risk management strategy to ensure the trust and confidence of their stakeholders.
Features
Tracking Vendors Identify and track all vendors and third parties that are integral to you and your organization. Identification is an important part of Vendor management as it allows you to identify your vendors and what services they provide.
Questionnaire Process Create questionnaires or use one of our preloaded templates; AI Usage, AI Development, Infrastructure, Physical and Data-Center Security and Privacy, and Web Application Security questionnaires; we support Standardized Information Gathering Questionnaire, the 2018 Vendor Security Alliance Questionnaire and customer questionnaires.
Vendor Management Manage Vendor and Third-Party contacts in one place. Keep track of key personnel, core diligence processes and work with the right people to get the information you need.
Assessments Easily send your vendors, third parties, and employees invitations to complete security questionnaires and provide supporting documentation and evidence. Or use AI enhance processes to Simplify your workflows and reduce risk. VirtualGRC also offers fully managed Assessments (you give us the name and why you want to use it and we do the rest.
Benefits
Identify Vendor Risk Knowing how vendors or stakeholders handle our organization's data to identify risk and methods holds with them.
Centralized Vendor Information Easily manage all vendor's data in a single record, can track risk level, reviewer can respond back on directly within they platform for comments and attestation.
Compliance People must be equipped with technology that enables them to tackle compliance efficiently, saving your organization time and money. VirtualGRC enables you to easily share the burden across your enterprise and empower collaboration of cross-functional teams. Make sure everyone who needs to be involved is.
Continuous Process AI Workflows help you collect and automate compliance, improving disconnected processes. Managed Automation ensure the reviews are performed and show auditors proof of continuous improvement as controls are added.