Third-Party and Outsourcing Risk Management
Govern the third-party lifecycle from onboarding and inherent-risk tiering through due diligence, contracts, monitoring, incidents, concentration and exit.
What this solution addresses
Vilfora ERM maintains an authoritative third-party inventory and connects each relationship to services, owners, criticality, due diligence, risk assessments, controls, contracts, performance, incidents and remediation. Concentration and fourth-party dependencies become visible alongside individual vendor risk.
Procurement, risk, legal, security and business owners maintain different vendor records and assessment evidence.
Due diligence is repeated without risk-based scope or connection to contract requirements and remediation.
Critical service, geographic, technology and subcontractor concentrations are not visible to management.
Included capabilities
Each capability uses the same ownership, workflow, approval, evidence and audit-history foundation as the wider ERM platform.
Third-party inventory
Maintain legal entity, service, owner, location, data, subcontractor and criticality information.
Inherent-risk tiering
Determine due-diligence depth using service criticality, access, dependency, jurisdiction and impact factors.
Assessments and evidence
Run questionnaires and specialist reviews with evidence, findings, challenge and approval.
Contract and performance
Track clauses, obligations, renewals, service levels, exceptions and periodic monitoring.
Concentration and exit
Analyse aggregated dependencies and maintain continuity, substitution and exit plans.
A governed end-to-end workflow
Register
Create the third-party and engagement record with ownership and service context.
Tier
Assess inherent risk and determine the required review path.
Due diligence
Collect assessments, evidence and specialist conclusions and resolve findings.
Approve and monitor
Govern onboarding, contracts, performance, incidents and periodic reassessment.
Renew or exit
Review residual exposure and approve continuation, transition or termination.
Who this solution supports
Outcomes the operating model is designed to support
Authoritative vendor inventory
Risk-based due diligence
Visible concentration exposure
Governed renewal and exit decisions
See third-party risk management in Vilfora ERM.
We will focus on the records, participants, approvals, evidence and reporting decisions relevant to your operating model.