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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 based” approach
- service level management mechanisms and periodic service provider reviews
- an activities monitoring dashboard