Passport GRC Third-Party Risk Management module
Many companies are increasing their reliance on third parties to facilitate growth and contend with changing economic conditions, globalisation and cost considerations. At the same time, increasingly stringent regulations related to anti-corruption (for example the Foreign Corrupt Practices Act and UKBA), conflict minerals, social accountability initiatives, anti-money laundering (AML), health information privacy (HIPAA) and financial services accountability (for example the Dodd-Frank Act) are requiring companies to increase their focus on third-party due-diligence efforts in order to protect their brand, interests and reputations.
Third-Party Risk Management, a module of Passport GRC, helps companies to identify and assess third-party risks across the business, prioritise their evaluation and mitigation efforts according to that risk, monitor and track existing relationships and ultimately have a defensible due-diligence process and audit trail that can stand up to increased regulatory scrutiny…
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