Third Party Risks

Third Party Risks

The latest born among the AUGEOS GRC modules, “Third Party Risks” is the solution that intends to offer a clear, pragmatic and effective response to the new provisions on the governance of outsourcing agreements according to the update of Circular 285/2013 and the new EBA/GL/2019/02 Guidelines.

More specifically, the product provides:

  • the inventory of third parties in order to allow to centralize in a single point all the information related to contracts (possibly synchronized by third party solutions on which the data is present)
  • tools for supplier risk assessment, to identify and assess the risks attributable to the outsourced function
  • tools for the “due diligence” of the provider, so that the suitability of the service provider can be assessed
  • support tools for the so-called “audit rights“, to better rule the audit processes on critical suppliers with a “risk basedapproach
  • service level management mechanisms and periodic service provider reviews
  • an activities monitoring dashboard