Collaboratively Identify, Assess, and Mitigate Third-Party Risk
Enlighta unifies and streamlines risk assessments, due diligence, ongoing compliance, monitoring,<br> and remediation initiatives across the third-party lifecycle. Enlighta TPRM supports initial risk assessment of prospective third parties, automation of due-diligence questionnaires to internal stakeholder groups & third parties, internal compliance quality assessments, detailed contract compliance monitoring, and reporting of risk via risk scorecards. Enlighta TPRM makes it easy for regulated entities to roll out and adapt an effective TPRM program across 1000s of third parties.
Continuously Address Third-Party Risk Across the Lifecycle
Enlighta Spice helps you identify and mitigate risk across existing and evolving risk domains for your entire vendor portfolio, throughout the vendor lifecycle.
Intake and Risk Segmentation
Due Diligence
Launch best-in-class built-in and customizable DDQs for assessing risk across InfoSec, tech, operations, ABAC, financials, and other evolving risk domains. Automate control tasks. Ditch the email back-and-forth and track, manage, and mitigate risks on a single digital workbench.
Onboarding
Contract Management, Risks Identification and Mitigation
Import existing contracts, automatically pull key dates and terms and vet them against a pre-approved clause library to minimize contract risk. Streamline approval with collaborative workflows, and never miss a renewal or expiry with automatic reminders.
Continuous Risk Monitoring: Adverse Events, Performance, Compliance and Governance
Evaluate and Select Third-Parties
- Capture existing and prospective Vendor capabilities across technology, domain and process areas.
- Design and launch RFx questionnaires and automate the vendor data collection and evaluation process using Enlighta Procure.
- Compare and short-list vendors considering technical, commercial, and other factors.
Third-Party Due Diligence
- Identify risk areas using initial risk assessments to determine confidential or PII data risk, operations risk, country risk, concentration risk and calculate the initial risk score to segment vendors based on criticality and determine applicable due-diligence assessments.
- Identify and assess vendor risk across InfoSec, technology, operations, ABAC, financials, and other evolving risk domains by launching built-in and customizable due diligence questionnaires (DDQs).
- Mitigate compliance and reputational risks by screening vendors for PEPs, AML/CTF Compliance, and sanctions against global watchlists..
- Centralize risk management by defining control points, collecting and analyzing assessments and evidence, updating risk scores, and collaboratively creating and implementing risk mitigation plans.
Third-Party Onboarding
- Enrich vendor profiles with critical company data, market trends, ESG ratings, and news updates. Capture 4th and 5th parties and integrate with leading external data sources of your choice for 360° visibility into each vendor.
- Automate the process of collecting information and documents from vendors and benefit from AI-driven review and validation of documents.
- Support vendor self-service updates of information such as Vendor Contacts.
- Automate back-end activities to support vendor onboarding such as Web APIs to create tickets for assets or licenses to Vendor users.
Contract Risk Mitigation
- Auto-generate watertight contracts using built-in contract templates and pre-approved clause library.
- Securely store and manage all contracts in a central, searchable, access-protected repository.
- Effortlessly extract key contract details like SLAs and KPIs, deliverables and obligations, expiry and renewal dates and more with AI-powered extraction.
- Eliminate delays in contract finalization by automating collaborative review and approval workflows.
- Track changes to contracts and automatically update impacted elements.
- Avoid risk of non-compliance by setting up contract expiry and renewal reminders for relevant stakeholders.
Adverse Events Monitoring
- Proactively identify and mitigate operational, financial, and reputational risk with real-time adverse events monitoring.
- Discover critical information related to your vendors via an extensive intelligence network encompassing trusted news sources out-of-the-box and configurable to include 10,000+ data feeds.
- Make informed decisions faster with AI-powered adverse event classification (e.g., legal issues, data breaches, financial troubles) impacting your vendors.
- Easily track and analyze all historical adverse events by vendor, publication date, and event details for comprehensive risk assessment and trend identification.
- Receive email notifications for any adverse events mentioned in the news cycle to proactively mitigate risks.
Audits and Compliance Controls
- Track and schedule operational, financial, security audits and track and resolve audit findings collaboratively with vendors.
- Design and launch compliance assessments to monitor internal compliance to processes and policies.
Vendor Portfolio Risk Management
- Annual Segmentation of Vendors: Perform annual segmentation of vendors taking into account changes in vendor spend, concentration, new contracts and more.
- Risk Scorecards: Generate and compare Risk Scorecards across vendors using internal and external risk indicators.
Ongoing Governance and Relationship Management
- Continuously reduce value leakage and optimize supplier relationships with Enlighta Govern.
- Mitigate financial and operational risk by capturing actual and forecasted vendor spend by month or year. Analyze vendor spend by various dimensions like category, cost center, and sector.
- Monitor Vendor performance to contractual SLAs and KPIs.
- Create, assign, resolve, and analyze all vendor-related issues on a single platform, fostering collaboration and transparency between stakeholders and suppliers.
- Regularly assess the health of your strategic supplier relationships through automated and configurable surveys, gathering valuable feedback on various dimensions like alignment, performance, risk, compliance, quality, capabilities, and ESG.
- Schedule and conduct business reviews at regular intervals (monthly, quarterly, etc.) to maintain open communication, capture actionable insights, and ensure ongoing relationship success, contributing to improved overall vendor performance and reduced long-term risks.
Unified
Streamline onboarding, contracting, performance, compliance, and risk monitoring and management with one platform.
Unified
Streamline onboarding, contracting, performance, compliance, and risk monitoring and management with one platform.
Secure
End-to-end encryption, standalone application deployments, and regular vulnerability assessments guarantee your data’s security.
Secure
End-to-end encryption, standalone application deployments, and regular vulnerability assessments guarantee your data’s security.
Adaptable
Tailor everything from assessments to workflows without code and integrate internal and external data feeds and systems with Enlighta Spice.
Adaptable
Tailor everything from assessments to workflows without code and integrate internal and external data feeds and systems with Enlighta Spice.
Resilient
Automated backups, high availability, and uptime SLAs ensure consistent performance and uninterrupted reliability for you and your third-parties.
Resilient
Automated backups, high availability, and uptime SLAs ensure consistent performance and uninterrupted reliability for you and your third-parties.
AI-Powered
Leverage advanced machine learning rules and NLP to automate contract identification and generation as well as clause extraction, analysis, and updates.
AI-Powered
Leverage advanced machine learning rules and NLP to automate contract identification and generation as well as clause extraction, analysis, and updates.
Scalable
Start small and scale to thousands of vendors, contracts, and users with our modular platform and flexible subscription plans.
Scalable
Start small and scale to thousands of vendors, contracts, and users with our modular platform and flexible subscription plans.
Enlighta benefits Third-Party Risk Management
- Auditable compliance to regulations such as regulations, policies, contracts by third parties & suppliers
- Internal and external compliance assessments
- Risk scorecards
- Automated action-items assigned to internal stakeholder groups
Out of box TPRM functions that can be easily adapted
- Automated triggers based on Initial or Residual Risk Rating of Third Parties
- One-Time or Recurring Due Diligence Questionnaires & Due Diligence Assessments
- Real-time visibility to business intake requestors
- Automated action items assigned to internal stakeholder groups
Risk Scoring & Auditable Due-Diligence Assessments Across multiple dimensions
- Location/Country
- Information Security/Cyber Risk
- Privacy
- Operational Competency
- Concentration
- Reputational
- Technology
- Sub-Contractor
- Financial Viability
- Financial Crimes
- Anti-Money Laundering
- Human Resources
- Background Screening