Richer third-party risk profiles
To create a holistic, meaningful view of third-party risk, it's necessary to collate data from a wide range of sources. Some of these may be internal, such as questionnaires to gauge the exact nature of dealings with a third party, but the majority will be external. Entries on sanctions lists, geographical bribery ratings, responses from third parties, and adverse media are just some of the useful sources of information on which companies you should or shouldn't do business with.
But trawling through these different sources manually is an arduous task, sucking up significant time and dollars. Technology can at the very least automate data collection from multiple sources and, at the most, integrate with them completely. This frees up manual resources and speeds up the data collection process.
Risk criteria such as ratings or responses to closed questions can be automatically assessed to generate an initial view of a company. This view can be built out with supplementary evidence or free text responses to color the risk picture.