No need to wait until Thanksgiving to be grateful, the 2020 Third Party Risk Tools are due to arrive on November 19th.
Here is a preview of what you can expect in our third party risk bag of tricks.
NEW Privacy Tools. Our third party risk specific 2019 privacy tool, the GDPR Toolkit was so popular that our committee expanded the scope of the tools to meet the requirements from various privacy framework viewpoints, including the CCPA. Of notable vale is the Target Data Tracker which focuses on privacy data governance obligations for identifying, tracking and documenting the use of personal information within third party relationships.
Expanded Risk Areas. Third party risk practitioners have never faced more complexity in managing their programs. Our risk control Content Library has expanded accordingly, to address governance functions around anti-trust, anti-bribery, international compliance, human trafficking risk, call center security and more.
We Heard You. The major changes in the Toolkit are all about making the tools easier to use. Here are just a few of the new features we are most excited about:
- SCA – New scoping capabilities that deliver a menu of SCA test procedures tailored for each onsite or virtual assessment.
- VRMMM – Now has improved maturity tracking and functionality to let managers set more granular maturity level ratings and create clearer reports. Program managers can use Target Maturity to set their targets and also hide or display the ratings to strengthen objectivity.
- SIG Functionality – New features allow better administration of the SIG, including improved management of collaborative response when more than one person must work together to complete a questionnaire. SIG questionnaires can now be used as customized templates to be used or modified later, making it easy to fit existing questionnaires to new situations.
All of our tools have also received a regulation refresh, taking into account recent national and international regulatory changes.
Stay tuned for the tool release later this month. To make sure you are on our distribution list, or for any questions, please email us.