OVERVIEW
The MetricStream Third-Party Management App provides an integrated system to manage third-party screening, due diligence, risk assessments, and issues. The App cuts across enterprise siloes, automating and streamlining third-party governance workflows, while consolidating and mapping together third-party data in a central repository.
DESCRIPTION
Features
Third-Party Screening and Scope
Facilitates a systematic, consistent due diligence process to assess third parties; integrates with sanction lists, adverse media reports, and other data to validate third-party information, and to identify red flags
Third-Party Risk Assessments
Enables third-party risk assessments and surveys based on multiple parameters; integrates risk data from past events, third-party reported information, and screening process warning signals
Third-Party Management and Documentation
Captures third-party risk assessment findings, issues, action plans, and decisions; delivers comprehensive visibility into third parties over their lifecycles
Monitoring and Review
Provides powerful dashboards and reports with drill-down capabilities to continuously monitor third-party risks and performance, and to identify changes in risk levels
Benefits
- Gain a 360-degree view of the third-party ecosystem, including risks, performance scores, and issues
- Strengthen third-party due diligence through integration with trusted data validation sources
- Save resources and costs by streamlining and automating third-party risk assessments across the organization
- Strengthen compliance with third-party management standards and regulations, including OCC, FINRA, FFIEC, FCPA, and C-TPAT
- Centrally store, manage, and map the third-party hierarchy (Level 1 to Level n)
- Improve communication and coordination with third parties worldwide. Resolve risk issues in a timely manner
Source : http://www.metricstream.com
