The module provides ongoing risk assessments to help companies monitor and focus resources on third-parties.
Legal management solutions provider Datacert has announced a new module designed to help companies reduce third-party risk and comply with regulations.
The Third-Party Risk Management Module, which is an extension of Datacert’s Passport GRC platform, is supposed to protect the brand and reputation of companies against third-party risks such as money laundering and fraud.
The module, which plugs into its Passport GRC software, provides ongoing risk assessments to help companies monitor and focus resources on third-parties that put the company at risk.
Other features include a common database, workflow engine and business intelligence provider, allowing information to be easily shared across different parts of the business.
Michael Rasmussen, founder of strategy advisory firm GRC 20/20, said: "With thousands of third parties to contend with and increased regulatory scrutiny, companies must actively monitor and manage these relationships. Organisations need to demonstrate a defensible due diligence process and an in-compliance status throughout their extended business environment."
Shaheen Javadizadeh, VP of product management at Datacert, added: "Our solution helps companies strategically prioritise the risk level of third-party relationships so that resources are allocated in the right place, effective and ongoing due diligence is conducted and tracked, and ongoing monitoring is achieved."