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.Download Datasheet
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
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
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
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
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
Provides powerful dashboards and reports with drill-down capabilities to continuously monitor third-party risks and performance, and to identify changes in risk levels
- 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
We have established a common point of reference to assess, score, and track sustainability initiatives across suppliers worldwide.
MetricStream Third-Party Management Software Solution
While it makes good business sense to outsource processes to vendors, suppliers, distributors, contractors, and other third parties worldwide, there are many risks associated with this business model. What if a third party loses sensitive data, or is accused of bribing a government official? The regulatory consequences, as well as the brand and reputational risks of such incidents can be very damaging.
The MetricStream Third-Party Management Software Solution enables an intelligent and efficient process for third-party onboarding, screening, management, and monitoring. With configurable workflows, risk assessment surveys, and reporting tools, the solution provides in-depth visibility into third-party relationships, and enhances risk awareness, so that you can take swift steps to mitigate critical risks in a timely manner.