A PwC India Product
PwC’s Third-Party Risk Protect tool is designed to transform the end-to-end third-party risk management program by accelerating the third-party onboarding, ongoing due diligence, and termination to efficiently manage the associated risks and reduce the potential third-party-related security breaches. It delivers a workflow and reporting capability covering the entire third-party risk management lifecycle from onboarding till termination along with value-added capabilities around adverse event reporting, third-party-related due diligence, and contract lifecycle management.
Challenges
In today's world, organizations are becoming increasingly dependent on third-party products and services to effectively innovate, scale, and grow their complex business models. The growing number of third-party dependencies also comes with several challenges that the organizations need to face.
Increased errors as spreadsheets and emails are used to handle TPRM assessments of increasing complexity and scale
Lack of a common and consolidated view into the third-party risk profile for executive leadership
Inefficiency and lack of agility as third-party management teams operate in siloed
High upfront investment in terms of cost and time prevents businesses from adopting a GRC based third-party risk management tool
Functioning of the Tool
Our Third Party Risk Protect tool is designed to manage the risks around the end-to-end TPRM lifecycle.
Modules
The out of the box solution provides different modules, pre-defined questionnaires, and workflows that can be configured to meet the client's TPRM requirements.
Planning
- Third-Party creation
- Third-Party profiling
- Assessment plan creation
- Work program creation
Assessment
- Assessment selection and initiation
- Risk intelligence through web crawling
- Third-Party assessment (Remote/ On-site)
- Reporting
Issue Management
- Identify and create gaps
- Clarification/ Remedial action
- Track actions
- Close issues
Risk Management
- Create risks
- Perform BIA
- Review and create risk change requests
- Review and close/ Extend risks
Contract Management
- Document repository
- Contract review reminders
- Contract management
Key Benefits
Our TPRM tool provides a multitude of benefits around the process, technology, commercial, and governance aspects. These are elucidated below:
- End-to-end TPRM tool covering workflow management, third-party due diligence, contract documentation management, and real-time reporting platform
- The integrated tool enables organizations to save time and improve resource efficiency to scale their third-party risk management program, audit trail, SLA Management enables full accountability and traceability
- The real-time reporting capabilities enable effective and timely action and decision-making across business process operations
- Lower cost of implementation leveraging start-of-art technology, intuitive onboarding experience, and cloud-based deployment model
- Managing control on extremities of the partner ecosystem
- Addressing risks from subcontracting or inconsistent security measures
- Managing impact on one part of the portfolio affecting the others
Indicative Commercial Model
This is based on the number of users or the cost of the enterprise edition.
Based on the level of customization to the tool and integrations with other systems e.g, Risk rating systems, ERP, GRC.
This is 10% -15% of the Subscription fee that is applicable from the second year and will be added in addition to the Subscription Fee.
This is dependent on whether the application is hosted in PwC Azure or Client’s Cloud environment and will be added in addition to the Subscription Fee.
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