Third-Party Risk Management Software

MetricStream Third-Party Risk Management is a comprehensive third-party risk management software solution that enables organizations to identify, assess, mitigate, and monitor risks posed by third and fourth parties. It provides packaged workflows, assessments, and risk intelligence to manage compliance, track performance, remediate issues, and improve business agility — all within a single, integrated platform. 

Your third parties – such as your vendors, supplier and contractors – are an essential part of doing business, but also pose critical risks such as reputational risk, cybersecurity risk, and strategic risk. You assume the risks of your third parties when doing business with them – for example, if they suffer a data breach or act unethically, you too can be liable for financial loss, reputational damage, and much more. In today’s fast-changing world, assessing, managing and monitoring the risk of your third parties is vital to pre-empt risk and safeguard your business.

Yes. MetricStream’s Third-Party Risk Management product is a vendor risk management software designed to help you assess your third parties for risk from when you first start working with them – onboarding – till termination and off-boarding. The vendor risk management software equips you with intelligent dashboards and a user-friendly interface to empower you to conduct due diligence, assess risk, and continuously monitor for changes in risk profiles.

Absolutely. For maximum visibility into the background and risks of your third parties, MetricStream’s risk-based approach enables you to combine your internal data and scoring criteria with built-in scoring models and external content and intelligence (such as BitSight’s cybersecurity ratings, for example) to provide a complete view of risk. You can screen third parties for multiple aspects of risk, including cyber, financial health, anti-corruption, and other relevant criteria.

The challenge of many third-party risk assessment processes is that they’re manual. MetricStream enables you to automate your processes – for example, our built-in artificial intelligence flags anomalies for review, simplifying your scrutiny of security certification reports such as SOC2. Instead of using valuable analyst time, you can divert your resources to strategic, value-added activities and at the same time, manage and monitor more third parties. Remember that risk can come from any supplier – even small or under-the-radar vendors can put you at risk. Assessing as much of your base as possible limits your exposure – and technologies like AI make this possible.

You can explore the MetricStream Integrated Risk Management solution that empowers organizations to manage both current and emerging risks across geopolitical, digital, strategic, third-party, cybersecurity, and compliance areas. To request a demo, click here. Integrated risk management solution demo

Also, you can visit our Learn section to dive deeper into the GRC universe and the Insight section to explore our customer stories, webinars, thought leadership, and more.

MetricStream’s Third-Party Risk Management solution simplifies third-party intake across departments through a user-friendly portal. It automates risk evaluation for each third-party or engagement, enables risks to be mitigated before onboarding takes place, and integrates with alerts from reliable external sources to screen and verify third-party information. Requesters or approvers can also cancel a third-party or request based on business needs.

MetricStream’s Third-Party Risk Management solution automatically validates third-party information and identifies red flags using globally sourced content across multiple risk domains, including cybersecurity, finance, sustainability, regulations, disaster and hazard, corruption, reputation, sanction lists, Politically Exposed Persons (PEPs), Special Interest Persons (SIPs), state-owned enterprises, and adverse media listings. Organizations can subscribe to alerts based on the criticality of each third party, and upon reviewing those alerts, assign risk ratings and trigger further assessments.

Yes. As third-party risk management software, MetricStream’s Third-Party Risk Management solution leverages AI-powered regulatory report scanning to automatically scan and highlight anomalies in SOC 2 and SOC 3 reports, rating third parties accordingly. For issue management, AI/ML capabilities help quickly identify issues based on relationships and recommend issue classification. Internal and third-party users can also flag observations and report deviations through simplified forms and chatbot or conversational interfaces. 

Organizations using MetricStream Third-Party Risk Management can expect faster onboarding, faster due diligence, and better control of third-party documentation. MetricStream reports up to 60% faster third-party inventory and onboarding cycle times, up to 60% faster due diligence and risk-assessment cycle times, and a 60% improvement in third-party evidence and documentation management. For risk and procurement teams, that means new third parties are onboarded sooner, assessments close in less time, and the evidence behind each risk decision is easier to find and maintain.