OneTrust Vendorpedia™ is the largest and most widely used technology platform to operationalize third-party risk. The technology platform enables both enterprises and their vendors with technology solutions that include: Third-Party Risk Management software, a platform to streamline the entire vendor lifecycle, from onboarding to offboarding; the Third-Party Risk Exchange, a global vendor community dedicated to reducing the burden of vendor risk assessments; and Questionnaire Response Automation, a tool that helps organizations answer incoming security questionnaires. Learn more about the benefits of integrating a TPRM software by previewing our TPRM Buy-In Guide:
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Navigating a new frontier for vendor relationships
As businesses scale to keep up with the demands of digital transformation, the reliance on third parties and the emergence of the digital supply chain is an innate part of almost every business function. According to a report by Audit Committee Leadership Network, two-thirds of nearly 400 private and public companies reported having over 5,000 third-party relationships, with some having many more. To build a successful Third-Party Risk Management (TPRM) program at scale, you’ll need software designed specifically for the task. TPRM software is a powerful tool that organizations can leverage as risks evolve within cybersecurity and privacy domains – but also as other risk domains move to the forefront, such as environmental, social, and governance (ESG) as well as ethics and compliance. In doing so, it’s critical to choose a software provider that can scale to the breadth and depth of the changing third-party risk landscape. The success of a TPRM program is often dependent on aligning your approach to cross-functional requirements. Below are a few teams to engage as well as the benefits they can expect from a well-run TPRM program.
Key VRM considerations for professionals:
To view the remainder of the guide download from our resource center. In the guide, you will have access to information on the following:
Further Third-Party Risk Management reading:
Next steps on Third-Party Risk Management: