Third Party Risk Product

Vendors, suppliers, and contractors now sit at the center of nearly every operational and regulatory risk story. SmartSuite's Third-Party Risk Management solution provides a centralized, enterprise-wide framework for governing those relationships across their full lifecycle, from onboarding and risk assessment through ongoing monitoring, SLA tracking, and offboarding.
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Key highlights

• End-to-End Third-Party Lifecycle Management: Run onboarding, engagement structuring, risk assessments, due diligence, monitoring, and termination from a single system of record.
• Centralized Vendor and Engagement Management: Maintain a single source of truth for vendor profiles, ownership, service scope, contracts, and dependencies.
• Risk-Based Assessment Framework: Score inherent and residual risk at the engagement level using data sensitivity, regulatory exposure, operational dependency, and service criticality.
• Due Diligence and Control Evaluation: Collect, review, and validate vendor questionnaires, documentation, and artifacts to assess control effectiveness and compliance posture.
• Ongoing Monitoring and SLA Tracking: Monitor vendor performance through KPIs, SLAs, and continuous assessments to manage risk over the life of the engagement.
• Dashboards and Reporting: See real-time visibility into vendor risk exposure, high-risk vendors, due diligence progress, SLA performance, and remediation activities.
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How it works

• Vendor profiles and engagement records are created and linked to services, ownership, contracts, and business context.
• Each engagement undergoes an inherent risk assessment that determines its risk level and the scope of required due diligence.
• Teams collect questionnaires, artifacts, and evidence, evaluate controls, and document any risks, issues, or compliance gaps that surface.
• Vendor performance is monitored through KPIs, SLAs, and periodic reassessments, with issues and remediation tracked through workflows.
• Structured offboarding workflows handle data disposition, access removal, and compliance validation when relationships end.
• Optional AI features can collect public compliance artifacts, draft tailored evidence requests, and surface emerging vendor risk, with human review retained throughout.
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Vendor risk teams get a connected view of every third party, every engagement, and every open issue, ready to support audit requests and board-level reporting on third-party exposure.