A comprehensive third-party risk management process involves identifying and mitigating issues. Issues or gaps can be found through audits, assessments or monitoring processes. In some cases, public news or events may provide a reason to record an issue. Remediating issues in a timely manner is important to mitigate risks. Most organizations though have no defined processes to document or remediate issues. This increases exposure and risks in the vendor management program.
CENTRL's Vendor360 can help manage vendor issues from creation to remediation. It includes intuitive workflows to assign issues to owners, collaborate with vendors and track completions.