Based on your organization’s needs, TPMS for Third Party Management can scale from a modest system for automating the processes that would otherwise be managed with spreadsheets and emails to a complex, highly customized end-to-end enterprise system for managing risk related to a virtually unlimited number of suppliers.
Third party & supplier risk management software gathers and manages vendor risk data to protect companies from issues such as data breaches or noncompliance. This type of software assesses, monitors, and mitigates all risks that may have a negative impact on the relationship between a company and its suppliers. Third party & supplier risk management software is typically used by compliance officers or by managers from departments such as quality management, supply chain, or manufacturing. Compliance officers use third party & supplier risk management software to ensure compliance with internal policies and governmental regulations
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A highly customizable and versatile system. TPMS is an excellent tool for managing end to end processes, with tailored workflows, emails and chase cycles built in to the automated system capability. TPMS’s strength for me lies in its traceability and high level of automation. TPMS is a highly customizable and versatile system.