Convercent by OneTrust today announced the availability of Third-Party Risk Management for Ethics and Compliance professionals. The new solution enables ethics and compliance teams to fully understand and manage third-party risk through automated screening, due diligence, risk management, and ongoing monitoring of key risks that arise from the scope, activities, location, and persons present in that third party relationship, to name a few.
Using the power from leading TPRM solution OneTrust Vendorpedia, Third-Party Risk Management for Ethics and Compliance leverages the collective power of Convercent by OneTrust and the OneTrust privacy, security, and data governance platform.
Increased reliance on third parties, growing ethical concerns, and new regulations create complex requirements for ethics and compliance professionals. Some of those obligations include understanding the potential risk present in your third parties.
Accordingly, ethics and compliance professionals must conduct third-party screening, due diligence, risk management and mitigation, and ongoing monitoring throughout the relationship with third parties.
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Third-Party Risk Management for Ethics and Compliance helps address these challenges with integration and automation, ultimately reducing the ethical and compliance risks associated with those third parties. Rich integrations with screening and compliance monitoring providers adds even more visibility into the risk in third-party relationships.
The solution enables automation of the end-to-end third-party due diligence process through key capabilities including:
- Screening: Run compliance checks for your third parties against sanctions lists, adverse media and other sources, such as PEP lists, Anti-Slavery, Bribery and Corruption, and more.
- Inherent Risk-Based Tiering: Automatically calculate inherent risk scores to prioritize further diligence and assessment to the third parties that present the most risk to your organization.
- Risk Assessment: Leverage dozens of out-of-the-box ethics & compliance third-party assessment templates and automated risk assessment workflows with intelligent risk flagging.
- Risk Management: Reduce risk with automated treatment workflows, leveraging out-of-the-box mitigation recommendations and control frameworks as well as allow for cross-departmental collaboration and management.
- Compliance Reporting: Understand the state of your third-party risk management program with interactive dashboards, executive-ready PDF reports, and recordkeeping to demonstrate compliance.
- Ongoing Monitoring: Monitor your third parties over time, running routine adverse media and other compliance checks that trigger pre-determined actions as additional risks.
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“Ethics and compliance teams evaluate numerous types of third parties including suppliers, agents, venture partners, investors, customers, and many others. As a result of this outsourcing, third parties introduce more compliance risk than ever before.
The Third-Party Risk Management for Ethics and Compliance solution will help automate screening, due diligence, risk management, and ongoing monitoring, providing greater visibility into third parties and the risks they pose from an ethics and compliance standpoint,” said Asha Palmer, Chief Ethics and Compliance Officer at Convercent by OneTrust.
Patrick Quinlan, Chief Executive Officer at Convercent by OneTrust added, “This solution combines the ethics and compliance expertise of the Convercent by OneTrust team with the world-class OneTrust privacy, security, and governance platform, furthering our shared vision to help organizations around the world be more trusted.”
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