Third-Party Risk Management

What is modern slavery? Modern slavery is a crime involving the exploitation of individuals through practices that deprive them of their freedom, and subject them to control for personal or commercial gain. Modern slavery can occur in various forms, including forced labor, debt bondage, and human trafficking. It can exist within an organisations’ own operations, customer base, and in particular the supply chain. What is the modern slavery supply chain risk? Modern slavery poses significant ethical, legal, and reputational risks for organisations, requiring risk professionals to actively manage and mitigate these threats. ...

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 Third-Party Risk Management - ServiceNow UK What you need to know about ServiceNow’s new Third Party Risk Management (TPRM) - AC3 Case Study on NTT - Implementation of ServiceNow Third-Party Risk Management - Nihilent (PDF) Trust but Verify: Streamlining Third-Party Risk with ServiceNow - Infocenter.io - provides good overview of TPRM module, benefits, features, implementation considerations