Fusion Risk Management, a leading provider of software solutions for business continuity, risk management, IT disaster recovery, and crisis management, has announced an expanded functionality of its third-party risk management (TPRM) offering. The enhanced solution delivers continuous monitoring of third parties beyond its traditional scope, as well as an evaluation of potential operational and business impacts that those third parties may have.
Continuous monitoring of third parties
The enhanced solution enables a holistic and real-time view of the third-party ecosystem health, which improves decision-making and response times, transforming how third-party risk teams anticipate and manage disruptions. By providing organizations with detailed information on third-party risks and their potential impacts, the enhanced solution helps companies better manage their relationships with third parties and mitigate risks proactively.
Holistic and Real-Time View of Third-Party Ecosystem Health
By offering a holistic and real-time view of the third-party ecosystem’s health, the enhanced solution enables organizations to identify potential issues and respond to disruptions more quickly. This is because the solution provides a comprehensive view of third-party risks across the entire organization, allowing companies to make informed decisions and prioritize their risk management efforts accordingly.
Deloitte’s 2022 Global Third-Party Risk Management Survey
According to Deloitte’s 2022 Global Third-Party Risk Management Survey, 73% of survey respondents reported a high level of dependence on third parties to operate. Additionally, 87% faced a disruptive incident involving third parties in the past three years. This underscores the importance of having a robust TPRM solution in place to manage and mitigate these risks effectively.
Integration of TPRM Processes to Drive Preparedness
In response to these challenges, 70% of survey respondents want to integrate TPRM processes to drive preparedness. The enhanced solution from Fusion Risk Management addresses this need by providing companies with a more comprehensive and proactive approach to third-party risk management.
Real-time data and alerts
Fusion’s TPRM features enable organizations to manage and respond to third-party risks by using real-time data and alerts. This ensures that companies are always aware of potential issues and can quickly mitigate risks and minimize the impact of disruptions.
Continuous monitoring of critical third parties
Organizations can also continuously monitor critical third parties and better understand their potential impact on core services and products, proactively identifying and mitigating issues that may arise. By monitoring these critical third parties, companies can ensure that they are not overly reliant on any one provider and can maintain business continuity even in the event of a disruption.
Comprehensive Dashboards
The enhanced solution from Fusion Risk Management includes comprehensive dashboards that encompass financial, business, information security, and cybersecurity health by using a robust data foundation. Additional features also reduce reliance on outdated questionnaires and enable the ability to segment third parties by services so that teams can focus their risk response on issues that matter most.
A 360° Holistic View of the Third-Party Ecosystem
Organizations can gain a 360° holistic view of their third-party ecosystem using interactive toolsets to navigate disruption, understand gaps and vulnerabilities, and enable informed decision-making for true operational resiliency. By having a complete understanding of their third-party ecosystem, companies can make informed decisions about which third-party relationships to maintain and which to terminate.
Breaking Down Functional Silos for Effective TPRM
By breaking down functional silos for effective third-party risk management (TPRM), organizations can streamline risk identification, monitoring, and preparedness to exceed core TPRM requirements, as well as sustain critical operations. This approach ensures that companies are taking a proactive approach to managing third-party risks and mitigating potential disruptions.
The enhanced solution from Fusion Risk Management provides organizations with a more comprehensive and proactive approach to third-party risk management. By offering continuous monitoring, real-time data, and alerts, and a holistic view of third-party ecosystem health, the solution enables companies to identify potential issues and respond to disruptions more quickly, minimizing the impact on business operations. The added features also reduce reliance on outdated questionnaires and enable organizations to segment third parties by services, providing a more targeted approach to risk response. By breaking down functional silos, companies can streamline their risk management efforts and exceed core TPRM requirements, ensuring that they are well-prepared to manage third-party risks and mitigate the impact of disruptions.