ISG GovernX® - Third-Party Risk Management
ISG GovernX® TPRM Lifecycle Framework
With fragmented sourcing, rapid growth in as-a-service solutions, and the increased exchange of digital information among a growing number of suppliers, third-party risk management has never been more important. As organizations increase their reliance on these relationships, they must mature their capabilities to more effectively identify, control, and manage the potential risk that these relationships pose to their business.
The complexity and the regulatory scrutiny of third-party relationships are also increasing, and enterprises need a comprehensive and data-driven way to control third-party risk throughout the life of the relationship. ISG’s Third-Party Risk Management platform can help you create a safe, coordinated and efficient third-party risk management environment so you can focus on your addressing your strategic goals.
TPRM Lifecycle Framework
From initiation through termination , GovernX® manages the entire third-party lifecycle. GovernX® enables you to drive your third-party risk management program on your terms. GovernX® provides a solid framework for organizations of any size to realize value immediately.
ISG GovernX® TPRM Features
Provider Onboarding and Inherent Risk Tiering
- Streamline inherent risk analysis of third-party providers for both, new and existing relationships
- Identify the inherent risk of each third-party at either the supplier or contract level
- Tiering by categories based on business attributes, such as criticality, info security, regulatory compliance, etc.
- Use inherent risk to define a due diligence and ongoing risk monitoring strategy with providers
Risk Assessment Management and Ongoing Monitoring
- Conduct third-party assessments, and verification audits to assess risk control adequacy
- Use industry-standard templates such as Standard Information Gathering (SIG), AIMA or digitized proprietary questionnaires
- Initiate one-time assessments or schedule an automatic recurring schedule
- Track assessment progress, grade and evaluate controls to determine risk exposure
Risk Register Reporting and Risk Remediation Management
- Identify and escalate risk remediation actions
- Capture risk events and remediation actions in risk register – identify inherent risk and residual risk for each risk item in the register
- Collaborate with providers to determine resolution assignments and owners
- Create risk remediation plans to manage progress through closure
- Capture remediation approvals and exceptions