Our third party platform is designed and developed by a team of business and risk management professionals to help you with both the workflow/business processes of third parties as well as address various aspects of TPRM. It acts as a central repository of all third party relationships, is an end to end Procure to Pay workflow tool and enables robust data analytics and visualization capabilities to implement TPRM.
Our technology brings together the following business processes
A secure account, approval mechanism and due diligence checks
Which helps client organizations to release real time RFPs/RFQs to relevant third parties and solicit their responses
Enables third parties to bid online
serves as a comprehensive repository of all agreements and contracts with third parties, along with key data extracted in a user-friendly table for analytics, monitoring and tracking open and closed commitments
Enables third parties to submit their bills and invoices online
Enables third parties to see which bills/invoices have been paid and which are pending. Enables real time reconciliation.
comprehensive dashboards of third parties for client organisations
To see their business with client organizations
Enable submission of various information from Procure to Pay (P2P) for both simple and complex procurements directly by third parties
For approvals by the user department, approvers, finance, etc.
Risks by bringing all relevant data for third parties at one place for improved data management and visualization.
risks through both self-declarations and compiling key info from background check reports
Risks through background checks
To identify the financial strength of the third parties during registration and bidding processses
Risks and mitigation through audit log of information shared with and received from third parties during their selection and payments
Risks through self-declaration from third parties, as well as logging of info relating to cyber risk assessment, diligence etc., under the respective frameworks
Risks by capturing info on whether they are third party intermediaries (TPIs), as well as adverse info if any from their background check reports
