Third Party Due Diligence
Employing a third party - be it a supplier, agent, distributor, lawyer, accountant, or consultant - comes with many risks and regulatory requirements. Companies have to ensure that their third parties protect confidential IT information, avoid unethical practices, maintain a safe and healthy working environment, mitigate operational risks, and more. At the same time, they have to monitor third-party compliance with regulations such as the Health Insurance Portability and Accountability Act (HIPAA), Anti-Money Laundering (AML) requirements, conflict minerals reporting requirements, the Foreign Corrupt Practices Act (FCPA), the UK Bribery Act, the Federal Trade Commission (FTC) Act, and the Dodd-Frank Act.
Meeting these obligations requires companies to implement robust third-party risk management processes, policies, training programs, controls, due diligence processes, audits, and timely issue remediation. If these processes are not effective, third-party risks could snowball into serious issues that will ultimately affect the profitability and credibility of the company who hired the third-party. Unfortunately, many companies are struggling to implement these due diligence measures due to the increasing complexity and vastness of the third-party network, as well as the high costs of compliance management, and limited visibility into due diligence.
MetricStream Third Party Due Diligence Software Solution
MetricStream offers flexible apps and solutions for third-party governance and due diligence. Built on a scalable GRC platform, the app and solution transcends enterprise siloes, unifying and consolidating all third parties in a centralized framework. This integrated approach helps in providing greater visibility into third-party risks and compliance, increasing collaboration between companies and their third-parties, and minimizing redundancies.
The MetricStream app and solution also streamlines the complete range of third-party due diligence processes - right from third-party on-boarding and information management, to policy development and distribution, code of conduct training, risk management, control monitoring, audits, and due diligence reporting. Advanced risk analytics help transform third-party data into meaningful insights, while powerful work-flow tools automate resource-intensive processes such as third-party risk ranking and control monitoring.