Third-Party Management App

The MetricStream Third-Party Management App provides a unified system to manage third-party screening, onboarding, due diligence, risk assessments, and issues. The app cuts across enterprise siloes, automating and streamlining third-party governance workflows, while consolidating and mapping third-party data in a central repository. This way, you gain a clear view of the entire third-party ecosystem. Data feeds from reliable third-party verification sources, combined with advanced reporting tools, provide real-time insights into third-party risks, enabling you to respond swiftly.

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Features

Information Management

Provides an overview of third-party information and documents, and simplifies third-party registration, qualification, and re-qualification processes; enables identified third parties to access and submit registration information, while also uploading documentation

Onboarding

Strengthens third-party qualification, segmentation, and ranking through automated scoring and categorization capabilities; streamlines third-party onboarding processes, and helps identify potential risks, as well as mitigation strategies; simplifies third-party off-boarding and termination

Continuous Monitoring

Enables you to structure a continuous third-party monitoring process; helps validate third-party information, and identify “red flags” based on globally sourced data; automates third-party monitoring by triggering assessments at pre-defined intervals based on specific parameters

Risk Assessment and Mitigation

Helps in identifying the level of risk associated with third parties by supporting specific risk assessments; helps record and manage risk mitigation plans, and tracks their progress to completion

Contract Management

Provides an integrated repository to manage multiple third-party documents for each product or service, along with their expiry dates; helps define and correlate master and child documents, as well as Service Level Agreement (SLA) templates which can be linked to contracts; facilitates timely documentation renewal with automated alerts and reminders

Reports and Analysis

Provides powerful dashboards and reports with drill-down capabilities to continuously monitor third-party risks and performance, and to identify changes in risk levels

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Benefits

  • Gain a 360-degree view of the third-party ecosystem, including risks, performance, and issues
  • Manage third-party risk assessments quickly and cost-effectively in a constantly-changing risk environment
  • Auto-segment third parties based on various parameters, including product/service categories, criticality, and sales revenue
  • Strengthen third-party due diligence through integration with trusted data validation sources on Politically Exposed Persons (PEPs), Sanctions lists, Special Interest Persons (SIPs), State-owned enterprises and Adverse media lists
  • Strengthen compliance with third-party management standards and regulations, including OCC, FFIEC, FINRA, and FCPA rules
  • Centrally store, manage, and map the complete third-party hierarchy (level 1 to level n)
  • Improve communication and coordination with third parties worldwide. Resolve risk issues in a timely manner
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