Third Party Risk Management

Third Party Risk Management

Third Party Risk Management (TPRM) is a key component of the Digital Operational Resilience Act (DORA) regulations and the overall risk management strategy of financial organizations. The complexity of the process, different departments and the need for constant monitoring make manual supplier risk management inefficient and error-prone.
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Our no-code/low-code platform enables you to automate the assessment, monitoring and management of supplier risk, ensuring regulatory compliance, transparency and efficiency in managing relationships with third-party vendors.

Full control over vendor risk - in accordance with DORA.
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With our technology, you can:

• Assess supplier risk in real time - scoring based on multiple criteria (compliance, financial stability, IT security).
• Manage the DORA process in one place - integration of different departments and automation of information flow.
• Monitor suppliers and ensure compliance - continuously track their compliance with regulatory requirements.
• Generate remediation plans and recommendations - the system automatically suggests corrective actions and prioritizes risks.

How it works

• Vendor data collection - contracts, risk assessments, audit results, financial reports, regulatory compliance status.
• Risk analysis and scoring - AI evaluates vendors based on financial stability, operational dependencies, IT security and compliance with DORA.
• Risk analysis and scoring - AI evaluates vendors based on financial stability, operational dependencies, IT security and compliance with DORA.
• Automatic alerts and monitoring - the system tracks changes in the status of vendors and alerts on potential risks.
• Workflow for compliance and approvals - automation of due diligence processes, compliance reviews and vendor approvals.
• Auditing and reporting - full documentation of processes as required by regulators.

Applications for the financial and regulated sector

• Banks and fintechs - risk management of IT service providers, cloud, operational outsourcing.
• Insurance - assessment and supervision of companies providing policy, customer service and data management systems.
• Critical infrastructure - compliance with DORA requirements for operational resilience and cyber security.
• Enterprise IT and cyber security - audit of SaaS providers, MSPs, IT infrastructure providers.

Technology that ensures compliance and minimizes risk

• No-code/low-code - flexible configuration of the TPRM process without programming.
• AI and risk scoring - automatic analysis of vendors and assignment of risk levels.
• API integrations - retrieve data from company records, cyber security audits, financial analysis.
• Monitoring and automatic alerts - the system detects changes and suggests corrective actions.

Manage supplier risk proactively, not reactively.