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Third Party Risk Management Software
Strengthen your global third-party network and identify at-risk business partners with robust and configurable third-party risk management tools
Solutions by Risk Area: Third-Party Risk Management
Monitor, manage and mitigate third-party risks with a full view of your complete ecosystem from Ethixbase360
Enhance your focus on critical operations and safeguard your reputation with continuous third-party risk monitoring and automated risk-based escalations when it’s time to take action.
Efficient Onboarding
Simplify onboarding with a comprehensive digital process that brings you business-critical third party information from risk scoring to certification and beyond. Ethixbase360 helps you streamline and automate the onboarding process and maintain constant access to an audit trail complete with all relevant information and documentation. Bring clarity to your third-party ecosystem and mitigate risks associated with poor governance.
Risk Assessment
Accurately identify and assess third parties with the Perceived Risk Indicator (PRI)™. Using aggregated data from multiple sources and/or your own unique configurations for assessment, the PRI™ facilitates next steps in direct proportion to the risk level posed by a third party. The risk-based approach makes it simple to identify which third parties require greater attention through either Screening, Monitoring, Enhanced Due Diligence or direct Engagement.
Communications & Training
Engage directly with third parties to maintain ongoing compliance with regulators and your internal policies via Ethixbase360. Educate and certify your third parties in all relevant anti-corruption and ethics compliance, codes of conduct and policies–and maintain records of communications and training against the third-party audit trail. Gain enhanced control by configuring the module for period reviews and requests for re-certification.
Monitoring & Remediation
Maintain constant oversight of vendor risk and performance and be ready to remediate when necessary with Ethixbase360. Continuous visibility allows you to trigger review, escalation, issue management and remediation activity all in one place. You can schedule automated risk reviews based on your metrics, and if changes impact risk, Ethixbase360 can automatically re-order compliance measures including due diligence, training and approval.
Capabilities
Risk Assessment
Assess risk across your third parties with automated risk ratings defined by your criteria
Screening & Monitoring
Safeguard your business and ensure compliance with instant screening, false positive remediation, and
continuous monitoring.
Training
Facilitate third-party compliance with a suite of elearning courses and refreshers
Third-party Certification & Validation
Establish compliance through efficient information exchange and continuous third-party monitoring
Workflows, Configuration & Integrations
Create automated risk-based workflows for faster decision-making and global program scalability
Explore, Enhance, Engage
Safeguard your reputation with a 360° view. Try Ethixbase360 now.
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Book Consultation“Everything is valuable in Ethixbase360’s platform, from the moment they trigger the automatic email directly to the third parties, the third parties respond directly via the platform, the Enhanced Due Diligence (EDD) reports are good, the Instant Due Diligence Plus (IDD+) is a very good complement for management changes. The whole process is very useful.”
Head Group of Compliance
Fortune 500 Pharmaceutical Company
“The greatest value for us is the documentation on the system of three elements: compliance clause, due diligence questionnaire and code of conduct for each third party. Also, what is valuable is the fact that they were designed by us and it’s configurable.”
Head Integrity & Compliance
Global Retail Company
“Ethixbase360 has been really helpful and responsive. The platform itself is very user-friendly and everything now is much more organized for us and there’s a lot more automation in the process now. They have been really helpful with not just the product, but also suggestions. They’ve sometimes steered us towards more cost-effective things that would provide a similar level of protection. I’ve never been frustrated with waiting for a response.”
Group Compliance Manager
Global Medical Devices Suppliers
“Excellent is a very difficult concept to achieve, I do not want to oversell my satisfaction, but generally I am extremely satisfied with [Ethixbase360]. I would go for 9/10 for their customer service and the same perception is from within the organization. I never received negative feedback from our team and our users rated the platform being easy, really intuitive and they like it.”
Head Group of Compliance
Global Agri-business Company
Resources
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Third-party risk management refers to the process of identifying, assessing, and mitigating risks associated with the involvement of external individuals, organisations, or suppliers in a business’s operations. It involves evaluating the potential risks and vulnerabilities that these third parties may introduce to the business, ensuring compliance with regulations, and implementing measures to protect the company’s reputation, financial security, and strategic goals. Third parties can be upstream or downstream in the value chain and may include suppliers, intermediaries, vendors, agents, resellers, distributors, partners etc.
Third-party risk management software (or vendor/ supplier risk management software) is a specialised tool designed to streamline and enhance the process of managing risks associated with external parties from onboarding to ongoing management. It offers a centralised platform to assess and monitor third-party relationships, track compliance, automate approval processes and escalate where required. This software typically provides functionalities such as due diligence, risk scoring, document management, ongoing monitoring, and reporting. It helps businesses effectively identify, prioritise, and mitigate risks while maintaining transparency, efficiency, regulatory compliance and reporting for their third-party engagements.
Third-party risk management is crucial for businesses as it helps them identify and mitigate potential risks that could impact their operations, reputation, and compliance. By effectively managing third-party risks, businesses can ensure regulatory compliance, reduce financial losses, maintain business continuity, and protect their brand and customer trust.
When evaluating third-party risk management software, key features to consider include robust risk assessment capabilities, risk-based due diligence processes, ongoing monitoring, compliance tracking, document management, customisable risk scoring, integration with external data sources, reporting and analytics functionalities, and user-friendly interfaces for easy adoption and collaboration.
Ethixbase360 has a number of modules that assist in remaining compliant such as:
- Third Party Risk Management
- Anti Bribery and Corruption
- Modern Slavery and Forced Labour
- Supply Chain Due Diligence
- Third Party Compliance
- Due Diligence Questionnaires
- Enhanced Due Diligence Software
- ESG Risk Management & Compliance
- Third Party Risk Assessment
- Third Party Screening and Monitoring
- Compliance Reporting & Analytics