Drivers

  • Organisation relies increasingly on third parties, and their sub-contractors (fourth parties)
  • Vendor information is currently collected via email and spreadsheet - hard to stay current, information goes missing, how to see full current picture (live dashboard?)

TPRM overview (ServiceNow)

Notes

  • Replaces the previous Vendor Risk Management (VRM) module
  • Launched with Vancouver release
  • TPRM calculated score
  • Fourth parties
  • Risk intelligence feeds
  • Tiering Assessment
  • Due Diligence Record (DDR)
  • Inherent Assessment (INA)
  • Linked to Vendor Management module
  • Transform map - set up one time or for recurring integration

Roles

  • Third party reader
  • Third party editor
  • Third party contract negotiator
  • Due diligence approver

Key Steps

  • Initial onboarding
  • AML / Sanctions / other onboarding steps
  • Inherent Risk Questionnaire
  • Risk assessment
  • Issues & Task Management
  • Internal assessment
  • External assessment
  • Approval of responses
  • Contract risk
  • Due diligence
  • Assessment questions and Questionnaires

Further reading