Using Third-Party Manager

Systematize the onboarding and monitoring of third-parties using an intuitive workflow A series of tasks generated based on an event or form submission. platform that automates compliance processes.

• Ensure the ethical conduct of your partners and vendors
• Centralize all your third-party data securely
• Train and integrate your third-parties seamlessly

Where can you use Third-Party Manager?

Screening and onboarding

• Securely receive online requests for new third-party relationships from business sponsors via a self-service portal.

• Screen third-parties for negative news, sanctions, inclusion on a watch list, and politically exposed persons. The risk tool uses artificial intelligence (AI) and real time monitoring and searching.

• Implement and deploy your own custom 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. to manage your third-party population.

• Use APIs to integrate with your databases and applications. For example, use the API Application Programming Interface (API) is the developer interface for the platform. Use the API to develop your own applications. for your enterprise resource planning (ERP) systems to integrate with your procurement process to order investigations).

• Customize due diligence questionnaires in various languages, distribute them securely to your third-parties, and track to completion.

• Leverage workflows for third-party approval management that allow you to track review tasks and send notifications.

Managing your third-party lifecycle

• Centralize your third-party data securely in a single source of truth.

• Tracks system-wide activity with a robust audit log.

• Customize alerts, reminders, and notifications.

• Manage and track approvals and red flag rates.

• Schedule renewals and ongoing monitoring.

Analyzing and enhancing your program

• Track the health of your compliance program with the analytics platform. Reports present actionable items and visualize your data.

• Analyze key metrics regarding your third-party population including type, category, risk level, approval status 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., and more.

• Access your case Assigned to a third party profile related to a questionnaire sent for response, due diligence investigation, or other action. management and red flag dashboards to track open/closed cases by stage The stage the case is in, for example, DDQ Invite, Qualification, Budget Requested, Case Rejected, and so on., status 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., red flag types, and more.

Training your third-parties

• You can sign up for the service to implement and distribute third-party training directly with integrated third-party training modules. Multiple course topics relevant to Compliance include bribery/corruption, money laundering, conflict minerals, human trafficking, and more. You can use custom training or pre-defined training templates. See Training.

Conducting risk-based due diligence

• Benefit from ongoing media monitoring using the AI-driven, real-time monitoring and search tool.

• Attach due diligence reports to a third-party profile for audit and tracking.

• Add on Integrate State-Owned Enterprise data, Sanctions, watchlists, PEPs, and more.

• 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 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.)

Supported languages

The user interface supports: 

English, Spanish, French, Italian, German, Chinese (simplified), Japanese, Russian, and Portuguese.

The system can receive and render input from the following languages:

Afrikaans, Arabic, Bengali, Bosnian, Bulgarian, Burmese, Chinese (Simplified), Chinese (Traditional), Croatian, Czech, Danish, Dutch, English, Finnish, French, Georgian, German, Greek (Modern), Hebrew, Hindi, Hungarian, Indonesian (Bahasa), Italian, Italian (Generic), Japanese, Korean, Latvian, Lithuanian, Macedonian, Malay, Persian (Iran), Polish, Portuguese, Portuguese (Brazil), Punjabi (India,) Quebec French, Romanian, Russian, Serbian, Slovak, Slovenian, Spanish (Latin America), Spanish (Spain,) Swahili, Swedish, Tagalog (Philippines), Thai, Turkish, Ukrainian, Urdu, and Vietnamese.