Engagements
The engagement feature may be enabled for your organization.
A 3P Profile can have one or more 3P Engagements to accommodate different legal entities or business units in your organization that work with the third-party in different capacities. Each engagement for a single third-party can have different:
- Due diligence workflow
A series of tasks generated based on an event or form submission. approval/renewal processes - Forms
- Training
- Risk and compliance programs specific to the relationship (For example, even if a third-party vendor is approved, a particular engagement may be declined.)
If the engagements feature is later disabled, the data will be available. You will not be able to create new engagements but you will still be able to manage existing engagements data.
Risk model and risk rating
Engagements have their own risk model Created for different third-party types and categories within the type to apply separate evaluation criteria to diverse types of third parties. Four factors make up a risk model: country, type and category, DDQ questions, and third-party custom field questions.(s) and risk rating The risk assessment history which changes over time based on the risk model assigned and other factors. Details include how the relationship is categorized, the services provided, the country risk, due diligence questionnaire responses, and custom fields.(s). There is no impact on the third-party profile. Administrators typically set up risk models. For details, see Managing risk models
