Third Party Risk Management                                                

GEP Third Party Risk Management (TPRM) solution allows you to monitor and mitigate risks associated with your third parties. We offer a complete system for third party risk management that spans across all the stages –planning, due diligence and third-party selection, contract negotiation, and monitoring.

In this release, 04 enhancements are added to TPRM.

 

Renaming of ‘Overall Inherent Risk Rating’ to ‘Deal Risk Rating’

LT-7184 | Configurable: Yes (GEP Quantum Studio)

Customer: Bank of America

With this release, the Overall Inherent Risk Rating field is renamed to Deal Risk Rating for the following areas:

  • Supplier Risk Assessment Document - Basic Details section

  • Supplier Risk Assessment Audit Log

  • Supplier Risk Assessment Workbench under Risk Module

Configuration Details: The availability of this feature/enhancement is based on the GEP Quantum Studio. Please reach out to your Account Manager for more information.

 

Introducing ‘Geographical Scope of Initiative’ Field

LT-7174 | Configurable: Yes (Rule Engine)

Customer: ING

With this release, a new field, Geographical Scope of Initiative, is introduced in the TPRM Rule Engine. You can set an approval rule for the Internal Risk Form using this field from the Project Request document.

Configuration Details: The availability of this feature/enhancement is based on the Rule Engine setting. Please reach out to your Account Manager for more information.

Rule Engine Entity: GetProjectRequestDetailaForRule

 

 

 

 

 

Hiding ‘Risk Profile’ Section on RSA and SRSA Documents

LT-6562 | Configurable: Yes (GEP Quantum Studio)

Customer: Bank of America

With this release, the Risk Profile section is hidden on both the RSA and Supplier Risk Assessment (SRSA) documents.

Configuration Details: The availability of this feature/enhancement is based on the GEP Quantum Studio setting. Please reach out to your Account Manager for more information.

 

Auto-Refresh of ‘Applicable Control’ Section

LT-6524 | Configurable: No

Customer: Adobe, PSP, ING, GEICO, Royal London Group

With this release, the Applicable Control section auto-refreshes in Relationship and Supplier Risk Assessment (Post Contract) documents under specific conditions. The application re-evaluates applicability and recurrence rules for controls for the following scenarios:

  • When a Relationship or Supplier Risk Assessment (Post Contract) is created for the first time and its Risk Profile is generated.

  • When an existing post-contract Supplier Risk Form is in the Reopened, Submitted or Approved status, there is a change in the Risk Profile at either the Relationship or Supplier Risk Assessment level.

  • Once a Control form is in the Completed status, the system evaluates any dependent applicable Control forms and displays them in the Applicable Control section.

The Applicable Control section is refreshed for the following cases but the application does not re-evaluate applicability or recurrence rules:

  • Add Control

  • Launch Form

  • Upload Alternate Documentation

  • Update Supplier Responder

  • Cancel Form

  • Approver Recurrence

  • Update Recurrence

  • Stop Recurrence

  • Respond on behalf of supplier