Managing renewals

For external forms, you may automate renewal cycles (called Renewal Tracks) to maintain a competent level of due diligence for all third-parties. (The renewal feature is not available for internal forms.)

You can trigger renewals of third-parties in renewals based on a date, such as the approval date, formClosed A form is a questionnaire to gather information. submission date, or other date. Additionally, you can exclude certain third-parties from coming up for renewal.

To determine which rule to apply, the system uses combinations of Risk RatingClosed 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., 3P TypeClosed The type of third party, for example, Channel Partner, Vendor, Supplier, or DO NOT ENGAGE., and 3P Category. A best practice is to keep the rules simple. Define a default rule such as for any Risk Rating, any 3P Type, and any 3P Category. Then, define rules for as few Renewal Tracks as possible.

The ranks from 1 (highest/most specific) to 6 (lowest/least specific) are:

  1. Risk Rating + 3P Type + 3P Category (all fields are specified)

  2. Risk Rating + 3P Type + (any) 3P Category

  3. Risk Rating + (any) 3P Type + (any) 3P Category

  4. (any) Risk Rating + 3P Type + 3P Category

  5. (any) Risk Rating + 3P Type + (any) 3P Category

  6. (any) Risk Rating + (any) 3P Type + (any) 3P Category (no fields are specified)

For example, a rule can be based on the Approval StatusClosed The status of the third party approval, for example, Pending, Approved, Denied for Compliance Reasons, and so on. Approval Status is a subset of Status. See Status. Change Date where the Risk Rating, 3P Type, and 3P Category are all specified. The Rank is 1 because all three fields are specified. The rule takes precedent over a rule based on the Approval StatusClosed Third-party Status used for searching, for example, Active or Inactive. Approval Status is a subset of the Status. See Approval Status. Case Status used for searching, for example, Only Open Cases or Only Closed Cases. Change Date where the Risk Rating, 3P Type, and 3P Category are not specified.

Create a new renewal rule

  1. Select Settings, Content Control, then Renewal.

  2. Select or deselect Show inactive to control whether inactive rules display.

  3. In the Renewal Track dropdown list, select a Renewal Track, which are listed here in preference order. All tracks, except the first track, are date-based.

    1. Exclude from Renewal prevent profiles for the same targeted group from matching rules of the same or lower rank in all tracks. For example, if you have a third-party type and category that you do not want to come up for renewal, use this selection to block the renewal.

    2. Approval Status Change Date initiates a renewal from the date the approval status changes.

    3. Form Submission Date allows you to select a specific form or any form's submission date to initiate a renewal.

    4. Investigation Complete Date allows you to indicate the scope of an investigation complete date to initiate a renewal. You can select Recommended Scope to use the scope recommended by a profile's risk modelClosed 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.. The option has no effect on rule determination.

    5. 3P Custom Date FieldClosed A field is a way to input information, often a question., if a date has been set up, this requires you to select a specific date.

  4. Select the Add initiator button to define the rule for the selected Renewal Track.

  5. Complete the New Rule Initiator content. Date fields are not available for the Renewal Track Exclude from Renewal.

    • Name: Add a unique, descriptive name for the rule. Length must be between 1 and 255.

    • Time Period (days): Enter the days from the renewal start date (the Renewal Track date) to trigger the renewal workflowClosed A series of tasks generated based on an event or form submission.. The value can be between 0 and 2,557 days.
      For example, if the Renewal Track is Approval Status Change Date, and the Time Period is 365, the third-party will come up for review one year after the last approval.
      This value is ignored if the later settings Date Modifier is "on this date" and Modifier Type is a valid date.

    • Renewal Track and Rank: The Renewal Track you selected is shown followed by the Rank. As you add Risk Rating, 3P Type, and 3P Category, the ranking will change.

    • Form Name (Form Submission Date track only): You can specify a specific form for renewal determination. Select (any) to target all intake forms for which a more specific rule has not been defined.

    • Renewal CaseClosed Assigned to a third party profile related to a questionnaire sent for response, due diligence investigation, or other action. Type (Investigation Complete Date track only): Select the scope of the investigation that is likely to be chosen when renewal is triggered. The option selected has no effect on renewal determination. It is used only for analytical purposes and for estimating future renewal costs.

    • Date Field (3P Custom Date Field track): The date field is required and (none) is not an option.

    • Date Modifier and Modifier Type: If available, you can select a date to replace the Renewal Track date and modify the date by selecting days after this date or on this date.

    • Risk Rating: Select (any) or a value to target third-party profiles with a specific Risk Rating. This field cannot be changed after the rule is defined.

    • 3P Type: Select (any) or a value to target third-party profiles with a specific 3P Type. This field cannot be changed after the rule is defined.

    • 3P Category: Select (any) or a value to target third-party profiles with a specific 3P Category. This field cannot be changed after the rule is defined.

    • Rule is Active: Select to make the rule effective immediately. Only active rules are evaluated during workflow initiation queries.

  6. Select Save.

Match rules

Select the Match Rules button to identify if you have more than one rule that meets the criteria so you can resolve any unintended conflicts. Match Rules shows you which rules match a specified group of profiles. As you add and update rules, changes that affect the targeted group in the Match Rules dialog are updated.

Edit a rule

To edit a rule:

  1. Select Settings, Content Control, then Renewal.

  2. Select or deselect Show inactive to control whether inactive rules display.

  3. In Renewal Initiators, select a Renewal Track.

  4. Select any rule.

  5. Edit fields available to be changed, including activating or deactivating a rule.