Many of these challenges can be overcome through the use of Phinity TPRM. There are five steps to follow when automating your TPRM process.

  • 1


    Before leveraging automation to mature your TPRM process, identify and collect all relevant data needed, including policies, relevant third parties, stakeholders, existing risk assessment, etc.

  • 2


    Upload your data onto the Phinity platform. Leverage Phinity’s pre-defined questionnaires and risk scoring or embed your current questionnaires and process.

  • 3


    Perform inherent risk profiling of your selected third parties. Automate workflows, follow-ups, and tracking to streamline the risk assessment process.

  • 4


    Track the progress of all your assessment in real-time. View the inherent and residual risk ratings of your third parties or extract detailed reports on individual third parties as needed. Customise the reporting to meet your needs.

  • 5


    Assign and track the risk items identified during your third party risk assessment through to remediation. Report on the progress of your remediation efforts.