Strengthen your control over third‑party exposure
Sofy Third Party Risk Management helps organizations manage risks, performance, and compliance across their third-party ecosystem in one structured environment. By standardizing assessments, centralizing evidence, and supporting traceable follow-up, organizations can maintain clearer oversight of suppliers and strengthen governance throughout the supplier lifecycle.
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Embed AI in your TPRM processes
How to integrate AI for a smarter approach to third-party risk management in Sofy GRC
The challenge
Stay in control of vendor and third-party risk and compliance exposure
Organizations increasingly depend on third parties to support critical business processes, IT services, and operational activities. While this creates business value, it also introduces exposure to financial, operational, security, reputational, and regulatory risks. Without a structured approach, it becomes difficult to maintain an accurate and up-to-date view of third-party exposure.
THE SOLUTION
Drive Consistent, Transparent Third-Party Risk Reviews
Sofy Third Party Risk Management provides a consistent framework for identifying, assessing, monitoring, and documenting risks related to third parties. It helps organizations standardize evaluations, consolidate evidence, and ensure that actions and follow-up are fully traceable.
1. Assess third-party risks consistently
Apply predefined attributes, structured criteria, and consistent scoring models to assess inherent and residual risks across suppliers in a comparable way
2. Centralize evidence and assessment outcomes
Capture supporting documentation, assessment outcomes, and performance indicators in one secure location to improve transparency and auditability.
3. Guide reviews through workflows
Use workflow-driven processes to guide teams through required assessment steps, assign mitigating actions, and ensure follow-up is completed and documented.
4. Monitor supplier performance and compliance
Perform periodic reviews across key dimensions such as financial stability, service performance, and ESG maturity, while maintaining clear lifecycle visibility.
5. Strengthen ongoing monitoring
Support continuous oversight through integrated dashboards, status tracking, and sanction-list monitoring to help verify supplier eligibility and alignment with regulatory requirements.
THE BENEFITS
Strengthen supplier governance and reduce third-party risk
Standardize risk assessments
Apply consistent risk methodologies, scoring models, and review criteria across your supplier portfolio to improve comparability and decision-making.
Improve lifecycle visibility
Maintain a complete overview of supplier risk, performance, compliance status, and remediation activities from onboarding through ongoing monitoring.
Increase efficiency through automation
Reduce administrative effort with workflow-driven assessments, automated follow-up, and centralized evidence management.
Strengthen compliance and audit readiness
Maintain complete traceability of assessments, decisions, evidence, and remediation actions to support governance and regulatory requirements.
Why Sofy GRC