Third Party Risk Management
RiskPro is an enterprise-grade Third Party Risk Management (TPRM) platform designed to assess, monitor, and manage vendor and supplier risks. The system enables organizations to conduct assessments, manage compliance frameworks, track issues, and maintain secure vendor relationships through a centralized and configurable dashboard.
Client Requirements:
- Comprehensive Vendor Risk Management
- Provide tools to assess, monitor, and manage vendor and third-party risks.
- Customizable Compliance Frameworks
- Enable flexible creation of frameworks, controls, and assessment structures.
- Secure & Configurable Enterprise Platform
- Implement granular permissions, secure document handling, and configurable system settings.
Challenges:
Designing a flexible assessment framework capable of supporting complex compliance structures required careful data modeling and permission control. Managing large document uploads securely via AWS S3 while maintaining performance and implementing vendor-restricted access posed additional technical challenges.
Problem:
- Lack of Centralized Vendor Risk Oversight
- Organizations struggle to track vendor compliance, risk exposure, and assessment results across disconnected systems.
- Manual Assessment & Compliance Workflows
- Risk assessments and compliance tracking are time-consuming and prone to inconsistencies when managed manually.
- Complex Vendor Relationship Management
- Managing vendors, sub-vendors, documents, and risk issues without structured workflows leads to operational risk.
Solutions explanation:
- Centralized Risk & Vendor Management System
- Developed a unified platform to manage vendors, customers, suppliers, and their relationships in one place.
- Configurable Risk Assessment Frameworks
- Enabled creation of frameworks, control blocks, and assessments with customizable compliance structures.
- Automated Vendor Assessment Workflows
- Allowed organizations to send assessments to vendors and track self-assessment responses and issues.
- Role-Based Access & Permission Controls
- Implemented granular role permissions and vendor-restricted access to ensure secure operations.
- Document & Artifact Management
- Provided secure upload, preview, and management of compliance documents and assessment artifacts.
- Excel Import & Master Data Management
- Enabled bulk upload of controls and control blocks via Excel and centralized master data management.
Results & impact:
- Improved Compliance Visibility
- Centralized dashboards provided clear insight into vendor risk and compliance status.
- Reduced Assessment Processing Time
- Automated workflows streamlined assessment distribution, tracking, and issue resolution.
- Enhanced Vendor Governance
- Structured vendor management improved accountability and risk mitigation.
Features list:
- Vendor, supplier & customer management
- Third-party risk assessments & self-assessments
- Framework & control block management
- Issue tracking & remediation workflows
- Vendor portal with restricted access
- Role-based permissions & accessibility control
- Document upload & preview system
- Assessment artifact management
- Excel import for controls & frameworks
- Master data & configuration management
- Theme & system customization settings
- Email notifications & template management
- Relationship & sub-vendor management
- Secure AWS S3 document storage
- Enterprise compliance dashboards
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