Manage External Risk

Assessing the risks presented by third-party service providers is one of the most challenging aspects of compliance. The ControlPath Compliance Suite provides a Vendor Management capability that efficiently and automatically assesses risk from third-party service providers, and manages the remediation process. Risk that is identified and managed for vendors by the Vendor Management capability becomes an integral component in the overall risk management process.

ControlPath Vendor Management:

					Supports the BITS Shared Assessments standards for financial institutions and service providers- Standardized Information Gathering (SIG) and Agreed Upon Procedures (AUP).
					Allows an organization to comply with regulatory guidelines by assessing vendors and services against customized security controls efficiently and rapidly.
					Automates the distribution and collection of assessment questionnaires.
					Provides a review and QA process enabling the organization to assess the vendor responses for validity and sufficiency before accepting.
					Provides automatic analysis of high risk vendors for financial, information security, and contingency planning controls, and contractual responsibilities.
					Automatically generates vendor remediation actions for planning and tracking deficiencies in controls.
					Calculates the risk associated with each vendor, and changes risk scores in real time as vendor corrective actions are completed.
					Provides a roll-up of the risk inherited from each service provider throughout the organization.

ControlPath makes the process of assessing and managing risk related to third parties simple and straightforward.