Third Party Risk Management
Third Party Risk Management (TPRM) solutions are a category in their own right with a number of products on the market. However, in our view, TPRM is only 25% of the story and the challenges that exist need a wider set of capabilities initially to detect earlier than and singularly focused TPRM system. Then latterly have a comprehensive and integrated capability to be able to deal with any of the Risks found and deploy the associated controls to completely mitigate the problem from becoming a reality.
Minimise Third Party Risk
The Head of Risk Managment and Risk Managers are often faced with unknown and unmanaged risks within the supply chain.
Fully digitalised risk management
Brooklyn allows for the Risk Management policy to be fully digitised, pushing the right activities at the right frequency for the particular supplier and contract(s). The central risk management team can propagate guidance on best practices, attached to Actions and relevant activities. Easy in-the-moment options allow the Head of Risk Management to capture potential risks, for follow-up later, all tracked in one system.
The Brooklyn platform allows for playbooks specific to risk management to be processed in a lightweight workflow for risk assessment, mitigation, and monitoring. This system tracks firmographics and basic data flow, as well as, the ability to compose dynamic assessments and flows. An audit log of control measures can be applied to avoid risks when alerts are not done well enough or at all.
Brooklyn offers a solution for Third Party Risk Management by:
- Make insights actionable from 3rd Party Data Sources.
- Obligations taken to properly manage risk are never dropped or forgotten.
- The rational and defensible perspective of Risk Health allows for effective governance measures.
- Right-sized approach leveraging automation and transparency.
- A clear audit trail of who accepted what risk and who took what actions.
- Allows for fact-based discussions.