360factors, Inc., the industry leader in risk and compliance intelligence software for banks and financial services organizations, today announced the launch of its new Predict360 Third-Party and Vendor Risk Management application that enables financial organizations to track, manage, and report vendor risks associated with third parties within a singular platform.
The Predict360 Third-Party and Vendor Risk Management application enables organizations to mitigate risk exposure from vendors, suppliers, and consultants by ensuring compliance with applicable laws, regulations, standards, internal policies, and requirements.
“360factors is thrilled to share that our new Vendor and Third-Party Risk Management application is now live,” said Carl McCauley, CEO at 360factors. “The solution enables organizations to collect, manage and track vendor and third-party risks, report on related activities and tasks, and associate vendors with risks, controls, issues, complaints, and more under one platform. Communication with vendors and third parties becomes more streamlined, and tedious rework to move and track information between different systems is reduced.”
Predict360’s Third-Party and Vendor Risk Management application provides a centralized data repository and workflow that gathers information and documentation from third parties through configurable checklists – from onboarding, security assessments, and due diligence to supplier performance reviews.
Additionally, the software automates workflow procedures at the vendor end to gather information from internal and external contacts. The application’s continuous controls and evaluations are automated to regularly assess and oversee vendor compliance and performance. Users can further gain superior business intelligence insights through the Tableau reporting engine incorporated into the Predict360 platform.