Management of third parties and their inherent risk has become an increasingly important and complex activity. Studies have shown that share price can be negatively impacted by up to 2.5% when a company’s vendor is prosecuted by an enforcement authority. 

Most companies perform due diligence before contracting with a service provider. But the key to effective risk management is ongoing follow-up, to ensure the controls that were in place when the relationship began, remain in place over time, and change as necessary to manage new risks. With MCO's vendor risk management software we automate this entire process, thus reducing the complexity of managing these third party contracts and relationships.

Features of MCO's Third Party Risk Manager:

• Easy on-boarding of new third parties
• Centralized data; Single integrated view of all third parties and contracts
• Seamless integration with existing systems
• Efficient due diligence using electronic questionnaires
• Alert-based system actively informs the right person and the right time
• Escalation procedures and related workflows for review of issues