What is ServiceNow TPRM?

ServiceNow Third-Party Risk Management (TPRM) is a comprehensive suite of tools designed to simplify and automate key TPRM activities. It seamlessly integrates with existing ServiceNow workflows, providing a centralized platform to manage all aspects of your third-party risk landscape.

Effective Third-Party Risk Management (TPRM) is no longer optional. It's a critical strategy for mitigating these risks and ensuring the security and resilience of your supply chain.

This is where ServiceNow Third-Party Risk Management (TPRM), previously known as ServiceNow VRM, comes in. As a powerful, cloud-based solution built on the ServiceNow platform, ServiceNow TPRM empowers organizations to streamline and strengthen their entire TPRM process.

Why ServiceNow TPRM?

Streamlined Vendor Onboarding and Risk Assessment:

Onboarding new vendors can be a time-consuming and manual process. ServiceNow TPRM automates tasks like sending questionnaires, collecting vendor information, and conducting risk assessments. This allows you to quickly identify potential risks associated with each vendor and prioritize due diligence efforts.

Key Features:

Automated Questionnaires: Tailor questionnaires to gather essential information about a vendor's security practices, financial health, and regulatory compliance.

Risk Scoring: Utilize a risk scoring engine to objectively assess the potential risk each vendor poses to your organization.

Due Diligence Checklists: Ensure you complete all necessary due diligence steps with pre-configured checklists that can be customized for different vendor types.

Download our Vendor Due Diligence Checklist to streamline the process and gather valuable insights from your suppliers.

Continuous Monitoring and Compliance Management:

Staying on top of ongoing vendor performance and compliance obligations can be a challenge. ServiceNow TPRM provides features to automate critical tasks and ensure continuous monitoring.

Key Features:

Automated Reminders: Set up automated reminders for expiring certifications, upcoming audits, and other compliance milestones.

Incident Tracking: Efficiently track and manage security incidents involving third-party vendors.

Reporting and Analytics: Generate comprehensive reports to gain valuable insights into your overall third-party risk landscape.

Enhanced Collaboration and Communication:

Effective TPRM requires seamless collaboration between various internal teams, including procurement, legal, IT security, and risk management. ServiceNow TPRM fosters collaboration with features that improve communication and task management.

Key Features:

Centralized Communication Channels: Consolidate all communication regarding third-party vendors within a single platform, facilitating efficient collaboration.

Task Management: Assign tasks and track progress for various TPRM activities across different teams.

Reporting Dashboards: Access real-time dashboards that provide a holistic view of TPRM activities and risk posture.

Benefits of Using ServiceNow TPRM

By leveraging ServiceNow TPRM, organizations can unlock a multitude of benefits:

Enhanced Visibility and Control: Gain a clear and comprehensive view of your entire third-party ecosystem, allowing for better control over potential risks.

Improved Efficiency and Streamlined Processes:Automate manual tasks and centralize all TPRM activities, leading to significant efficiency gains.

Reduced Risk of Security Breaches and Compliance Failures: Proactively identify and mitigate risks before they escalate into costly incidents.

Stronger Vendor Relationships: Foster trust and transparency with vendors through a collaborative and efficient TPRM approach.

Data-Driven Decision Making: Gain valuable insights from reports and analytics to make informed decisions regarding vendor selection and risk management strategies.

In today's hyper-connected business world, organizations rely more than ever on third-party vendors and partners. ServiceNow TPRM offers a powerful and user-friendly solution to streamline your TPRM processes, gain better visibility into your third-party ecosystem, and ultimately mitigate risks and ensure your organization's long-term success.

Ready to learn more about how ServiceNow TPRM can help you optimize your third-party risk management? Schedule a Demo with our team of experts now!