rt360 Third Party Risk Management (TPRM)

Identify, assess, and manage the risks associated with third parties effectively

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A holistic and integrated strategy for third party risk management

Organizations today face significant challenges in managing risks associated with third parties such as vendors and contractors. The complexities of modern business transactions and the interdependencies on external entities expose organizations to various risks including fraud, vendor concentration, and cyberattacks. These can lead to data theft, and disruption of IT and business processes.

The rt360 GRC Third Party Risk Management system is designed to help organizations identify, assess, and manage the risks associated with their third parties. It enables continuous monitoring and mitigation of potential third-party risks, thereby ensuring a robust defense against disruptions while enhancing the integrity of business operations and safeguarding data.

Key Features

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Risk identification

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Risk identification

Comprehensive evaluations of third-party business models and performance. Identify and create an extensive inventory of third-party risks. Facilitate proactive risk management.
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Risk assessment and evaluation

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Risk assessment and evaluation

Conduct assessments at various stages of the third-party relationship. Utilize available resources for comprehensive risk assessments. Prioritize data protection, security controls, and compliance. Ensure risk management safeguarding organizational interest and integrity.
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Alerts and notifications

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Alerts and notifications

Implement proactive alerts and notifications for timely intervention and mitigation. Efficiently record and modify vendor information. Track approvals and manage responses with automated escalation, reminders. Enhance overall organizational agility and responsiveness.
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Collaboration and workflow Integration

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Collaboration and workflow Integration

Implement enhanced workflow management and access control. Facilitate seamless, efficient collaboration across departments. Integrate with existing workflows and systems, for vendor management, assessment, and approvals.
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Insightful reports and dashboards

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Insightful reports and dashboards

Export, import and customize documents, templates, reports and dashboards. Enhanced data visualization for interactive data representation. Better insights and informed decision making.
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User management and auditability

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User management and auditability

Implement role-based access to manage user permissions and access levels. Maintain detailed logs of user activities and data changes with robust audit trails. Monitor and report on changes using traceability features. Comprehensive reporting capabilities facilitate transparency and compliance.
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Define and monitor

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Define and monitor

Define and continuously monitor compliance obligations with associated timelines Incorporate organization’s compliance matrix, questionnaire, templates, and so on.
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Internal and external assessments

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Internal and external assessments

Compliance calendar detailing all compliance/policy assessment Options for the user to schedule assessments and track ongoing status
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Audit and incident reporting capabilities

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Audit and incident reporting capabilities

Audit trail with detailed tracking of activities including a timestamp Real-time customizable reports and feature-rich dashboards

Key Functionalities

ESG framework assessment

ESG framework assessment

Centralized management of ESG frameworks such as GRI, TCFD, SASB, WEF, UN SDGs
Auto-creation of standardized ESG reports
Mapping of frameworks to various attributes

ESG risk assessments

ESG risk assessments

Record and manage various ESG related risks
Perform risk assessments, record ratings, plan, and respond
Analyze and mitigate risks

ESG disclosures

ESG disclosures

Manage ESG disclosure requirements
Identify current state
Plan for the target state

ESG metrics monitoring and reporting

ESG metrics monitoring and reporting

Record the various ESG metrics required for disclosure
Define parameters to manage key ESG metrics
Monitor, report, and measure performance

ESG analytics and dashboards

ESG analytics and dashboards

Configurable reports and dashboards
Real-time insights on various ESG metrics
User customizable reports and dashboards

Integrated ESG management

Integrated ESG management

Ability to integrate ESG with other functions
Link ERM risk register with ESG risk registers
Integrate with in-house and third-party systems

Key Functionalities

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Vendor data management

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Vendor data management

Centralize and streamline all vendor interactions while prioritizing proper duties separation to ensure organization integrity.
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Vendor assessments

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Vendor assessments

Conduct thorough assessments of third parties using customizable questionnaires tailored to various parameters, ensuring through evaluation.
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Vendor risk rating

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Vendor risk rating

Determine vendor risk scores and inherent risk ratings based on assessment findings, and document them along with impact ratings for comprehensive risk analysis.
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Vendor risk mitigation

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Vendor risk mitigation

Develop and execute control measures to mitigate identified risks, attaching residual impact ratings to findings for ongoing risk management.

Benefits

Integrated approach
A comprehensive strategy for third-party risk management
Centralized view
Holistic visibility of risk rating and impact of third-party portfolio
Increased accountability
Accountability through adherence and responsibility
Scalability
Adjust to changes in vendor volumes and complexity
Reduction in cycle time
Reduce the timeline for issue resolution
Continuous improvement
Pinpoint improvement areas using analytics and reporting

Value Proposition

Business first, technology next approach

Business first, technology next approach

Industry-specific risk registers, controls

Industry-specific risk registers, controls

Compliant to global GRC frameworks

Compliant to global GRC frameworks

Flexible commercials and deployment models

Flexible commercials and deployment models

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Business first, technology next approach

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Business first, technology next approach

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Industry-specific risk registers, controls

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Industry-specific risk registers, controls

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Compliant to global GRC frameworks

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Compliant to global GRC frameworks

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Flexible commercials and deployment models

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Flexible commercials and deployment models

Products

rt360 Governance, Risk & Compliance Suite

Ensure intelligent and integrated management of enterprise risks, with end-to-end, automated governance and compliance.

rt360 Enterprise Risk Management

Identify, assess, mitigate and monitor enterprise-wide risks arising out of operations and ensure compliance with leading regulatory frameworks.

rt360 Audit Management

Streamline, integrate and fortify audit management. Adopt a structured, integrated and proactive approach to audits to control costs and reduce risks.

rt360 Compliance Management

Automate the overall compliance process; identify, assess, and monitor adherence with leading regulatory frameworks.

rt360 Incident Management

Streamline organization-wide incident management to identify, record and resolve incidents with business-impact.

rt360 Policy Management

Streamline and automate your policy management lifecycle with a comprehensive automated system for policy management

Brochures

rt360 Governance, Risk & Compliance Suite

Accelerate the process of identifying enterprise risks, and monitor and automate controls to gain a holistic and integrated view of governance and compliance.

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rt360 Enterprise Risk Management

Identify, assess, mitigate, and monitor enterprise risks effectively with advanced risk modeling, analytical and reporting capabilities, in compliance with Basel-II and Basel-III guidelines.

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rt360 Audit Management

Put your organization on the fast track to audit compliance. Automate, streamline and align your organizational objectives with your overarching audit program.

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rt360 Compliance Management

Simplify and automate organization-wide compliance processes while constantly monitoring adherence to regulatory and policy requirements through a single pane of glass.

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rt360 Incident Management

Streamline organization-wide incident management to identify, record and resolve incidents with business-impact.

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rt360 Policy Management

Streamline and automate your policy management lifecycle to sharpen focus on your business objectives.

Download Now

risk management suite
BCT Digital’s rt360 risk management product suite transforms the world’s leading enterprises, drawing on the strengths of next-generation technologies, sophisticated AI/ML models, data-driven algorithms, and predictive analytics. Its revolutionary Fintech, Regtech, and SustainTech solutions help enterprises optimize their core governance, risk, and compliance processes, enabling them to augment their positioning and go-to-market capabilities.

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