Are you only mitigating half your risk?
Even if you’re managing risk in your internal business operations, that’s only half the battle. Because you’re only addressing half the risk – or even less.
Today, there are rising regulatory, corporate, consumer, and competitive demands to ensure compliance and resilience from both your internal operations and your supply chain. But your own operations and those of a vendor network may be complex and difficult to manage – and failures can be costly.
Effective Third-Party Risk Management is vital for monitoring your internal operations and those of your vendor network. With Mitratech’s easy-to-use solutions, you’ll be able to proactively monitor and mitigate operational risks like never before and avoid compliance penalties, reputational damage, or other costs.
What are the costs of not implementing Third-Party Risk Management?
$35 million
The cost in fines and restitutions to First National Bank of Omaha for deceptive practices by a third-party vendor.
$4 billion
The amount of fines paid by Airbus to settle charges of bribery involving its third-party affiliates.
£1.9 million
How much one small U.K. bank was fined for failing to adequately manage its outsourcing arrangements.
What are the benefits of Third-Party Risk Management?
Gain visibility into operational risk before operational or compliance failures occur, wherever they occur – within your enterprise or across its vendor network.
Proactively monitor, audit, analyze, report, and take preventative or remediating steps with exceptional speed and efficiency.
Become agile and gain surety in meeting obligations under a growing universe of regulations.
Create a single source of truth to enable better compliance and quickly comply with evidence requests from auditors.
Realize quick ROI as your new tools not only reduce penalties but eliminate the time and resource drain of previous approaches.
Mitratech Third-Party Risk Management solutions
VendorInsight®
An award-winning, easy-to-use Vendor Risk Management (VRM) solution for banks, credit unions, financial services companies, and other companies who want to ensure the resilience of vendor ecosystems, even including fourth parties.
Want to speak with an expert?
Contact us and we’ll answer any questions about how Mitratech can help you improve both internal and third-party risk management.
