Latest addition to Noggin’s one-of-a-kind integrated resilience workspace, Noggin for Third-Party Risk Management is set to transform the way customers work with their vendors and improve the resilience of organizations.
SYDNEY, Australia – Third-party vendors can provide business value and competitive advantage, however, weaknesses in third-party risk management (TPRM) have increasingly become major concerns. When last surveyed, three in four companies[i] reported having experienced at least one significant disruption caused by a third party within the last year. In response to these market challenges, Noggin, a global industry leader in integrated resilience management technology, today announced that it had launched a Third-Party Risk Management solution.
The latest addition to Noggin’s one-of-a-kind integrated resilience workspace, the Third-Party Risk Management solution enables companies to manage risk across their entire third-party ecosystem. Using the solution, organizations connect with third parties to foster seamless collaboration within a unified workspace dedicated to enhancing resilience amidst an increasingly dynamic operational environment.
“Businesses can’t afford to go it alone, although the global risk picture of supply-chain disruption, cyber-attacks, and worse is forcing them to review dependence on third parties,” said James Boddam-Whetham, Noggin CEO. “In an effort to help our customers avoid missed opportunities to mitigate risk, we, therefore, built this new Third-Party Risk Management solution within our critically-recognized integrated resilience workspace. We’re very proud to launch this latest resilience-enhancing innovation, which equips customers to assess their third-party risk as a whole, prioritize, and address issues across their vendor ecosystem, however complex it may be.”
From onboarding and due diligence to risk monitoring, contracts, and action management, the solution is set to transform the way organizations work with their vendors to improve resilience. Further benefits of Noggin’s Third-Party Risk Management solution include:
- Streamlining onboarding and due diligence of vendors
- Improving collaboration to enable organizations to monitor vendor resilience
- Automating manual tasks to reduce administrative overhead and improve efficiency
- Easily sharing insights to improve decision-making with real-time analytics and customizable report templates
To see Noggin for Third-Party Risk Management in action, request a demonstration.
[i] KPMG: Third-Party Risk Management Outlook 2022. Available at https://kpmg.com/xx/en/home/insights/2022/01/third-party-risk-management-outlook-2022.html.