Compliance 360, a provider of enterprise governance, risk, and compliance solutions, has expanded its solution footprint with the addition of a new, integrated Third-Party Risk Management application.

Designed to manage much more than vendor credentialing and initial sanction verifications, the Compliance 360 Third Party Risk Management application is an industrial strength solution that addresses the full spectrum of risk-management requirements including regulatory compliance and audits. This comprehensive solution includes Compliance 360’s robust contract management system as well as policy and procedure management, incidents and case management, and internal audit.

The system supports proactive risk assessments and scoring with heat map dashboards that highlight critical vendors and their risks, and enables drill-down to identify and address underlying issues. All third-party contracts and risk-management policies, actions, assessments, and incidents are tied together in the industry’s only Virtual Evidence Room.

This capability helps organizations maintain an audit-ready state with a comprehensive view of compliance. Third-party risk information is also linked back to the Compliance 360 Enterprise Risk Management system to enable centralized management and reporting of internal and external risks.

The Third Party Risk Management application is designed to help manage a wide variety of relationships including those with customers, IT vendors and service providers, product vendors and suppliers, services and consulting firms as well as employees. The solution is also applicable to many types of risk. In addition to addressing data security and privacy risks, the Third Party Risk Management application addresses compliance risks, transactional risks, credit risks, reputational and strategic risks, and many others.