Fusion Risk Management announced expanded functionality of its third-party risk management (TPRM) offering.
The enhanced solution delivers continuous monitoring of third parties beyond its traditional instance as well as an evaluation of potential operational and business impacts that those third parties may have.
This functionality enables a holistic and real-time view of third-party ecosystem health which improves decision-making and response times in order to transform how third-party risk teams anticipate and manage disruptions.
Organizations continue to face challenges with how they monitor and engage third parties to help enable their product and service delivery.
In its 2022 global third-party risk management survey, Deloitte found that 73% of survey respondents reported a high level of dependence on third parties to operate and 87% faced a disruptive incident with third parties in the past three years. Due to the potential risks involved, 70% want to integrate TPRM processes to drive preparedness.
Created in response to market and customer demand to drive enterprise resilience as well as meet regulatory and compliance mandates such as the Digital Operational Resilience Act (DORA), Fusion’s TPRM features enable organizations to manage and react to third-party risks by using real-time data and alerts. Organizations can also continuously monitor critical third parties and better understand their potential impact on core services and products, proactively identifying and mitigating issues that may arise.
The new features help organizations perceive all third parties, including ‘off the radar’ vendors, for an understanding of the role third parties play in performing essential business functions. Comprehensive dashboards encompass financial, business, information security, and cybersecurity health by using a robust data foundation.
Added features also reduce reliance on dated questionnaires and enable the ability to segment third parties by services so that teams can focus their risk response on issues that matter most. Organizations can engage in a 360° holistic view of their third-party ecosystem with interactive toolsets to cohesively navigate disruption, understand gaps and vulnerabilities, and enable informed decision-making for true operational resiliency.
By breaking down functional silos for effective TPRM, organizations can streamline risk identification, monitoring, and preparedness to exceed core TPRM requirements as well as sustain critical operations.
“Third parties are an integral part of the enterprise, but many organizations today still operate in silos with a limited ability to share third-party risk information outside of third-party risk teams. Organizations have realized that they need a different approach to risk identification, monitoring, and preparedness in order to shift from siloed vendor management to integrated TPRM,” said Eric Jackson, CPO, Fusion Risk Management.
“Fusion continues to invest in product innovation to ensure that our customers have the most accurate understanding of third-party impacts across their enterprise, can accelerate real-time intelligence, can make the shift to a proactive risk management posture, and are able to thrive through any business disruption,” concluded Jackson.